20

Question 1

Security exchange act 1934 section 10 and 10b5

Answer 1

Plaintiff must prove:

• that there was material misrepresentation of fact in the FS
• misrepresentations of fact in the FS
• loss was suffered due to this misstatement
• informartion was relied upon and that error was on account of reckless disregard to truth or scienter

Question 2

UCC secured party must comply with:

Answer 2

1. Send the debtor a termination statement when debt is pai
2. At the debtor request, confirm the unpaid of the debt
3. Use reasonable care un preserving any collateral un the secured party’s possession

Question 3

UCC should include in FS?

Answer 3

1. Name of debtor ans secured party
2. Signatured of the debtor
3. Adress of secured party to obtain info of security interest
4. Description of collareral
5. Mailling adress of debtor

Question 4

Casualty law

Answer 4

Federal declared disaster area

Question 5

Personal holding income

Answer 5

A company contract a personal service to a third party where the third party can speciffy the individual and the individual own 25%

Question 6

1040 schedule c

Answer 6

Profit or loss business related

Question 7

Current earnings and profit

Answer 7

Ability to pay dividend to owner with out returning contribution

Question 8

Depretion and amortization straight line computation

Answer 8

e and p not cep

Question 9

Status of limitation

Answer 9

You have 6 years from the later of the date due or the date filed for a no fraudulent omission in income.

Question 10

Cost of organization

Answer 10

5,000 per year. The rest is amortize in 180 months

Question 11

Charitable contribution deductible on schedule A

Answer 11

1. Property contribution is allowed as an itemized deduction up to 30% of AGI
2. Charitable contribution paid by cash/ check or charged are allowed as an itemized deduction on schedule A up to 60% of AGI

Question 12

Suspended loss allocation

Answer 12

[(Loss/ total loss)*total]

Question 13

Decendent death asset valuation

Answer 13

6 months

Question 14

Service rendered valuation

Answer 14

Equals: FMV por partnership interest granted o equipment + basis

Question 15

Kiddie tax calculation

Answer 15

(Unearned income - standard deduction - thershold limit) - tax rstes applicable to trust and estates

Question 16

Under UCC, if the secured creditor rightfully reposseses and sells a debtor collateral, you hace to pay obligations in this order:

Answer 16

1. Expense incurred in sale
2. The balance is used to satisfy the secured party’s claim
3. The debt owed to any creditor with security interest in the collateral
4. The debtor

Question 17

Specific performance

Answer 17

Is granted obly when damages is insufficient

Question 18

Interest earned on state government obligations

Answer 18

Non-taxable

Question 19

Federal income tax refund

Answer 19

Taxable

Question 20

When debtor defaults

Answer 20

1. The secured creditor can proceeds against the colateral

2. The creditor can obtain a general judgement.