Bret, a resident of Nevada, wants to bring a tort claim (a type of civil lawsuit) against Steve, a resident of Tennessee, for damage to Bret's house in Nevada. To use a long-arm statute to obtain personal jurisdiction over Steve, the Nevada court must find that. Multiple Choice Steve committed a crime in Nevada Steve also damaged property in Tennessee and owns a home in Tennessee Steve has committed prior torts in Nevada Steve committed the tort in Nevada

Bret, a resident of Nevada, wants to bring a tort claim (a type of civil lawsuit) against Steve, a resident of Tennessee, for damage to Bret's house in Nevada. To use a long-arm statute to obtain personal jurisdiction over Steve, the Nevada court must find that. Multiple Choice Steve committed a crime in Nevada Steve also damaged property in Tennessee and owns a home in Tennessee Steve has committed prior torts in Nevada Steve committed the tort in Nevada

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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21
Magnum, a well-known private investigator, has a very unhappy client, C, who does not like her (Magnum’s) work because he was hoping for a different kind of truth. C refuses to pay and calls every TV station in town saying “Magnum is a liar and a crook!” The story gets lots of coverage. Magnum sues and wins – $100,000, her fee as charged; $400,000 compensatory damages for defamation; and $500,000 punitive damages. For the year in which she collects this $1M, Magnum will have to include in her gross income $____. Why is that the correct amount
A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration. True False 2. Mary threatens Doug with a $50,000 civil lawsuit unless Doug agrees to a settlement of their dispute. Doug argees to a settlement of $25,000. Doug can rescind the settlement agreement because he was under duress at the time. True False 3. "In consideration for you having helped me when I was unconscious, I will give you $100.00." This is a binding promise because there is legally sufficient consideration. True False 4. A minor's right to disaffirm a contract must be exercised while he is still a minor. True False
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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?
Alice owns a contracting company that receives most of its business through government contracts. A new procurement officer with a government agency implies to Alice that if she does not send him a bribe for her latest awarded contract, she will not get any further contracts. If Alice loses future contracts, her business will fail. She reluctantly gives the officer a bribe. Has Alice committed a violation? A. Yes, because Alice was not under economic duress. B. Yes, because being extorted is not a defense to giving a bribe. C. No, because Alice was under economic duress. D. No, because Alice was not the one who proposed the bribe.
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
Oswald, while walking down the street, is hit by a reckless driver. Oswald sues the driver and recovers the following damages: $20,000 to reimburse Johnny for medical expenses previously incurred (but not previously deducted), $10,000 for pain and suffering, $5,000 for emotional distress stemming from the accident, and $2,500 in punitive damages How much of Oswald's recovery is included in gross income?