Mario files for bankruptcy. He owns one car worth $2,000.00. He will O not have to list it as an asset on his petition O keep the car O keep it if and only if he files a chapter 13 bankruptcy O give the title to the trust
Q: Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir,…
A: Step 1: Preparation of journal entries.No.Account Titles and ExplanationsDebitCredit(a)Beson,…
Q: On January 1, 2019, Uncle Company purchased 80 percent of Nephew Company's capital stock for…
A: According to the parent business's ownership portion of the subsidiary company, it is a way of…
Q: Provide advice to Ella as how she can ensure that she has a valid will being that she is a 91 year…
A: "The solution has been provided in a generalized manner." Creating a valid will is an essential…
Q: Individuals in general need not have regular income to file a Chapter 13 bankruptcy. Select one:…
A: Chapter 13 bankruptcy is a complex legal process. It is a specific type of bankruptcy protection…
Q: 3 a joint life policy pays A after the first insured dies B after the last insured dies C after each…
A: The objective of the question is to understand when a joint life insurance policy pays out.
Q: Jean Miller purchased a $1,000 corporate bond for $881. The bond paid 3.1 percent annual interest.…
A: 1. Interest Earned:Annual interest rate: 3.1%Par value of the bond: $1,000Duration: 3 yearsAnnual…
Q: Rebecca, age 53, died suddenly of a heart attack. She leaves behind her husband Chris and her three…
A: Rebecca, aged 53, passed away suddenly without leaving a will. She is survived by her husband,…
Q: Omega, Inc., a publicly held corporation, has assets of $100 million and annual earnings in the…
A: In the above case study of Omega Inc., there are two alternatives available to them. There are three…
Q: Please explain why a settlor would choose to create a Discretionary Trust over an Absolute Trust.…
A: A settlor might choose to create a Discretionary Trust over an Absolute Trust for several reasons.…
Q: Pls help ASAP
A: The term insurance policy represents the agreement between two parties in which one party makes a…
Q: A joint life policy pays After the first insured dies After the last insured dies After each insured…
A: Joint life insurance can be a beneficial instrument for spouses and partners who want to financially…
Q: Sipho, Nandi and Brian are shareholders in a private company, Sideline (Pty) Ltd. Sipho holds 10…
A: Note: Hi! If you have any questions or if you need additional insights, please feel free to comment…
Q: A covered call position is A. the simultaneous purchase of the call and the underlying asset. B.…
A: Ans : (D) the purchase of a share of stock with a simultaneous sale of a call on that stock
Q: Examine the basic elements in wills, estates, and trusts.
A: The term estate planning refers to a process that is used to decide how the assets of a person will…
Q: With respect to debtors the main goal of bankruptcy is to ensure that creditors are paid. True Or…
A: "The solution has been provided in a generalized Manner." The legal procedure of bankruptcy offers…
Q: FACT PATTERN TWO A debtor has an automobile worth $5000. The federal exemption applicable to her…
A: In the above case the potential abuse of the bankruptcy system is made by a debtor who received an…
Q: A and B form the equal AB partnership. A is a cash basis individual taxpayer and B is an accrual…
A: The allocation described in the partnership agreement does not have substantial economic effect. To…
Q: What formalities must be followed to create a testamentary trust?
A: Trusts are universally perceived as preferred vehicles for home and progression arranging. Albeit…
Q: Considering the following statements true or false. 1.Circumstances whereby the CFA member breaches…
A: Disclaimer: Since you have posted a question with multiple sub-parts, so we will solve first three…
Q: Jeremy is considering a corporate recapitalization as a gifting technique and has come to his…
A: Corporate recapitalization is a financial strategy used by businesses to restructure their financial…
Q: Explain the circumstances under which you feel a consumer bankruptcy is appropriate, and when the…
A: Consumer bankruptcy - Bankruptcy is a legal proceeding that is initiated when an individual or…
Q: On Wednesday, March 9, 2022, Juniper Corporation, a calendar-year corporation, filed a consent to…
A: To willingly terminate its S status, a corporation is able to make a revocation for any of its tax…
Q: Brent is a very talented accountant with ambitions to become the general manager of his firm.The…
A: IRAC is a method of legal analysis that involves the identification of the legal issue, explaining…
Q: Chapter 11 bankruptcy provides for: a. adjustment of debts of a municipality b. reorganization of…
A: The chapter 11 of the bankruptcy law deals with the reorganization process among businesses. It…
Q: Which of the following statement concerning the legal limitations placed on the duration of trusts…
A: The question pertains to the legal limitations on the duration of trusts, which are established…
Q: Investors may receive an economic benefit from the ownership of stock by receiving A.…
A: Before we answer the question, let's understand the terms involved:Interest is the charge for the…
Q: Dennis is the oldest among the four shareholders and is in the poorest health. He is concerned that…
A: The objective of the question is to identify the type of transfer restriction that is being…
Q: A limited partner is responsible for any debts of the partnership, regardless of whether he or she…
A: Partnership business ownership is based upon an agreement that involves entire terms and conditions…
Q: Companies A and B differ only in their capital structure. A is financed 30% debt and 70% equity: B…
A: Companies A and B differ only in their capital structure. A is financed 30% debt and 70% equity: B…
Q: What would be the priority of the claims as to the distribution of assets in a liquidation under…
A: In a liquidation, the concept of distribution of assets refers to the process of selling off a…
Q: A mutual will cannot be unilaterally revoked after one of the parties has died. true or false
A: Law plays an integral role in making the judgements related to complex situations. It helps in…
Q: what does it means to be a “remainderman” of a life estate interest. Can this interest be sold?
A: Remainderman is a term utilized in property law to allude an individual who acquires or is qualified…
Mario files for bankruptcy. He owns one car worth $2,000.00. He will O not have to list it as an asset on his petition O keep the car O keep it if and only if he files a chapter 13 bankruptcy O give the title to the trustee
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Pls help ASAPSkip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?Mayflower Trucking Inc. incorporates and issues 1000 shares of common stock. Shawn owns 600 shares of Mayflower stock. If Mayflower is electing three directors and Shawn is the only shareholder to show up at the meeting: there is a quorum. there is not a quorum. a plurality. there is a proxy.
- Answer with reference to Australian legislation please. 1. Kestrel Pty Ltd (Kestrel) is a small family company which operates a business breeding kestrels, eagles, falcons and other large birds of prey. Kim, Kourtney and Khloe are all siblings and the only directors of Kestrel and each owns 25 ordinary shares. Clause 15 of the constitution of Kestrel provides that Kim, Kourtney and Khloe shall be directors of Kestrel at all times. Late last year Kim had a massive fight with the rest of the family and now Kourtney and Khloe won’t speak to her and don’t want her to have anything to do with the company.At a recent board meeting, Kourtney and Khloe passed the following resolution(Kim voted against the resolution):Kestrel Pty Ltd (ACN 123 456 789) Written resolution Share Issue Resolved that: As Kestrel Pty Ltd requires additional capital to purchase more inventory, Kestrel Pty Ltd shall issue 25 ordinary shares to Kourtney and 25 ordinary shares to Khloe in consideration of…Janice's Juices, LLC is a single-member LLC that was created and began business on January 1, 2022. Due to an oversight, no S election (or other entity classification election) was made by the regular deadline to make an election for 2022. Assuming the business otherwise qualifies to request late S corporation election relief, it must file Form 2553 by which date?If a director allows a company to continue to trade indefinitely and the company is placed into liquidation, what are the potential liabilities for a director and how are these determined by the Courts?
- James and John are directors of ‘Cakes & Frozen Novelties Company Limited.’ Peter, Paul andDavid are shareholders. The company has been in operation for four years. The company has notmade any profits since its inception but James and John decided to declare dividends from thecompany’s capital reserves. The company has 10 million shares that were not distributed. Jameswent ahead and sold the shares to his wife, who is not currently a member of the company.Peter enquired as to whether or not the company can just purchase the shares issued, as there aremany different types of shares available. Paul noted that this is possible but pointed out thatRedeemable shares have particular features and certain procedures must be followed in order toredeem. He also stated three ways in which the company must finance these redeemable shares.James asked about the effect of the redeemable shares. John was puzzled and asked how acompany can redeem its share capital, especially when there is a…In 2021, Joshua gave $9,300 worth of XYZ stock to his son. In 2022, the XYZ shares are worth $30,300. What was the gift tax in 2021?If a will does not provide how an estate will be distributed to grandchildren, under the per capita method of distribution, an heir takes the share that his or her deceased parent would have been entitled to inherit. True or False?