The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 13, Problem 2BS
Summary Introduction
Case summary: C came into contract with F for building a home. The materials used in building the home must be the brand of CB and this clause is specifically mentioned in the contract. In C’s absence F used K’s fixtures which was an equivalent brand in terms of quality. When the building was on the verge of completion, C, after scrutinizing the work, discovered the substitution and refused to accept the house.
To discuss: Elaborate on the claim raised by C.
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[The following information applies to the questions displayed below.]XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine if he must include the dividends in gross income under the following independent circumstances.
b. Ellis bought 100 shares of XYZ stock on August 1 for $21 per share. Ellis sold his XYZ shares on September 5 for $23 per share. Ellis received the $100 dividend on September 10 (note that even though Ellis didn’t own the stock on September 10, he still received the dividend because he was the shareholder on the record date).
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The Legal Environment of Business: Text and Cases (MindTap Course List)
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