Individuals in general need not have regular income to file a Chapter 13 bankruptcy. Select one: True False
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Individuals in general need not have regular income to file a Chapter 13 bankruptcy.
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- Suppose you own a mutual fund which has 17,000,000 shares outstanding. If its total assets are $38,000,000 and its liabilities are $7,000,000, find the net asset value (in $) of the fund. Round to the nearest cent. $You purchased the stock of Sargent Motors at a price of $75.75 one year ago today. If you sell the stock today for $89.00, what is your holding period return?As you know, not all purchased intangible assets are necessarily “§ 197 in-tangibles.” For example, in a standalone transaction you purchase a patent with a six-year remaining life from the inventor for use in your Schedule C widget-making business – this is not a § 197 intangible. Or, as a further example, one of your key employees decides to quit; since she knows all of your trade secrets you pay her $250,000 cash in exchange for her signature on a three-year non-compete agreement. How, if at all, would you recover your capitalized investment in the patent and the noncompete agreement for FIT purposes? (a) Even though they are not § 197 intangibles you still must amortize the cost of each over 15 years. (b) You must amortize the cost of the patent over 15 years but you can amortize the cost of the noncompete agreement over its three-year term. (c) You must amortize the cost of the non-compete agreement over 15 years but you can amortize the cost of the patent over its…
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