Please answer ASAP. Thank youBoston files his lawsuit against Mallory in a South Dakota state court, the state where he resides. Mallory is a resident of North Dakota. The case has aclaim at stake worth $100,000. What right, if any, does Mallory have in this case, jurisdictionally?Multiple ChoiceMallory can have the case moved to federal court only if the state trial court judge grants permission at his or her discretion.Mallory can have the case moved to federal court only if federal jurisdiction question is involved.Mallory has no choice, and the case will stay in state court.Mallory as the defendant has a right to move the case to federal court under the process of removal jurisdictionMallory can ask the federal court to hear the case. However, it does not have to hear the case since the amount in controversy is over$75,000.

Mallory has every legal right to ask that the matter be moved to federal court because the amount at…

Answered: Boston files his lawsuit against…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sebastian and Sunny are married. They are currently contemplating filing as married filing separately. Under current law, spouses filing separately must A) use the standard deduction if the other spouse uses the itemized deductions or vice versa. B) both use standard deduction. C) both use itemized deductions. D) either both use itemized deductions, or both use standard deduction.
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If you wish to contest a tax deficiency, but pay the tax and file a claim and that claim is denied and now you file suit, you must file your petition in: a. US Court of Appeals b. US Supreme Court c. 14th judicial district court (Calcasieu Parish) d. US Tax Court e. US District Court
Suzanna earns $4000 in her summertime job; the rest of the year she attends college fulltime. Suzanna may claim an exemption from FIT withholding if: a.she also has a taxable scholarship (used for housing) = $15,000. b.her unearned income (interest) = $1698. c.her aunt claims her as a dependent and she has no unearned income. d.her unearned income (dividends) = $1800.
Sean sells land to Eli, his brother, for the fair market value of $39,000. Six months later when the land is worth $45,000, Eli sells the property to his son, Jon, without gift tax. His son sells the land for $47,000. Sean’s adjusted basis for the land is $24,000 what is Jon’s recognized gain or loss on the sales?
Peter and Donald disagree on the interpretation of a business contract. Peter believes Donald owes him $20,000 and Donald believes he owes nothing. Each has been advised by his attorney that there is a 60% chance that Peter will prevail in a lawsuit. The cost of litigating the case will be $2,000 each. What is Peter's threat value?
Stan sold goods to Bill in good faith, believing him to be a principal. Bill in fact was acting as agent for Nancy and was within the scope of his authority. The goods were charged to Bill, and on his refusal to pay, Stan sued Bill for the purchase price. While this action was pending, Stan learned of Bill’s relationship with Nancy. Nevertheless, thirty days after learning of that relationship, Stan obtained judgment against Bill and had an execution issued that was never satisfied. Three months after rendition of the judgment, Stan sued Nancy for the purchase price of the goods. Is Nancy liable? Explain.
18 Sandy is seeking child support under the Divorce Act from her former husband, Raymond. Her daughter, Kalia is a normal healthy child who attends daycare while Sandy works. Sandy hopes that the court will order an amount in addition to the basic amount to help her defray some of her unique expenses. Which of the following purchases or expenses may result in Raymond having to pay an amount greater than the basic amount under the federal Child Support Guidelines? a) expenses for Kalia's daycare b) Kalia's new clothes c) the loan on Sandy's new car, which has a built-in car seat for Kalia Od) the child-sized, electric Barbie-mobile that Sandy bought for Kalia's third birthday
• Jeff, age 68 and Claire, age 63 elect to file Married Filing Jointly. Neither taxpayer is blind. • Jeff is retired. He received Social Security benefits and a pension. • Jeff and Claire's daughter Shelby, age 19, is a full-time college student in her second year of study. She is pursuing a degree in foreign studies and does not have a felony drug conviction. She received a Form 1098-T for 2022. Box 7 was not checked on her Form 1098-T for the previous tax year. • Shelby spent the summer at home with her parents but lived in an apartment near campus during the school year. • Shelby received a scholarship and the terms require that it be used to pay tuition. Jeff and Claire paid the cost of Shelby’s tuition and course-related books in 2022 not covered by scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $750 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. • Jeff and Claire…
Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed as dependents by another taxpayer. Lewis and Oneida have no children or other dependents. Both work and neither are full-time students. Lewis earned wages of $15,400 and Oneida earned wages of $5,600. Lewis and Oneida are U.S. citizens and have valid Social Security numbers. Lewis and Oneida have investment income of $5,000. 4. The maximum amount of investment income that Lewis and Oneida can have to qualify for the Earned Income Tax Credit is $ ____________.
Is this statement True or False? Pat and Shane are a married couple (filing jointly) and operate a small restaurant together as an unincorporated business. They have never filed any formal paperwork with the state as a business entity. Pat and Shane’s business is a partnership for Federal tax purposes.
Your client, age 65, has a gross estate valued at $300,000. His wife, age 58, has a gross estate valued at $150,000 and is financially competent. His objectives are to: leave all property to his wife in as simple a manner as possible; allow his wife to determine the ultimate beneficiaries of all his property; and make maximum use of the unlimited marital deduction. Which one of the following transfers is most appropriate for achieving the client's objectives? A)An estate trust with his wife as beneficiary B)Life income to his wife from a trust funded with the exemption equivalent amount, with the remainder to his designated beneficiaries C)A combination qualified terminable interest property (QTIP) trust and family bypass trust with his wife as income beneficiary D)An outright bequest of the entire estate to his wife

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