Explain the Kinds of bailment’s and its essentials
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? Explain the Kinds of bailment’s and its essentials
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- In 2022, Rebecca formed Black Corporation, a C-Corporation. Rebecca transferred real. estate with an adjusted basis of $260,000 and a fair market value of $390,000 in exchange for 100% of Black Corporation's common stock. The real estate was encumbered by a mortgage of $290,000, which Black Corporation assumed. The total value of Black Corporation's common stock after formation was $100,000. Q A N a) What amount of gain or loss is realized and recognized by Rebecca on the real estate transfer to Black Corporation? b) What basis does Rebecca take in her Black Corporation stock? c) What basis does Black Corporation take in the real estate contributed by Rebecca? 2 W S 3 X مو do command E D C R F 5 T V 6 G Y B 67 H U 8 N I 9 M O 0 V مو ob P commandExplain how the income of corporations is double taxed and what a corporation can do to minimize their tax burden?‘A holder in due course gets a better title free from equities’. Explain the statement and discuss the various privileges of a holder in due course.
- How does the concept of constructive bailment arise and what are its implications in legal cases?Discuss the legal responsibilities and liabilities of directors and officers in a corporation. What fiduciary duties do they owe to the company and its shareholders? What are the potential legal consequences for breaching these duties?Describe the differences between a sole proprietorship, a partnership, and a corporation as business entities, including their advantages and disadvantages from a legal perspective.