Additional cards 2 Flashcards
Secured party
Th eperson that provides credit to the debtor and takes an interest in the debtor’s collateral to help assure repayment of the debt
Security interest
The legal interest in collateral that secures either payment or debtor’s special performance of some obligation
Chattel paper
A writing that provides evidence of the monetary obligation and the security interest in the good
Requirements of a valid security agreement:
The agreement must be in writing
Must be signed by debotr, creditor’s signature not required
Reasonable description of the collateral
Attachment
Term used to describe the moment when security interest is enforceable against a debtor by the secured party
Perfecting a security interest gives:
notice to other parties
3 primary ways that an attached security interest may be perfected
- most security interest eith can or must be perfered by filing financig statements in the appropriate state office
- secured party takes possession of collateral
- automatic perfection only with consumer goods
Purchase money security interest in consumer goods
Perfection is accomplished
Purchase money security interest (PMSI) in noninventory has:
priority over nonpurchase money security interests if it was perfected within 20 days after the dbtor received the collateral
Any debtor may file for Chapter 7 except
Railroads
Banking institutions
Insurance companies
Chapter 11
reorganization of debts
If there are fewer than 12 creditors:
a single creditor may file the petition as long as his/her claim aggregates $15,325 in excess of any security he may hold
IF there are 12 or more creditors:
then at least 3 must sign the petition and they must have claims that aggregate $15,325 in excess of any security held by them
Trustee may set aside:
transfers made within one year to the filing of the bankruptcy petition
Preferential transfers made to insiders:
within the previous 12 months may be set aside
claims for consumer deposits for undelivered goods or services:
limited to $2,775 per individual
Discharge
The release of a debtor from all his debts not paid in bankruptcy
Chapter 11
Goal is to keep financially troubled firm in business
Creditor’s committee
A group of unsecured creditors who essentially function as the bankruptcy trustee in chapter 11 cases
Reaffirmation
When a debtor voluntarily chooses to repay a debt that otherwise would be fully discharged under the Bankruptcy code
Set aside
effectively this action returns the parties back to their original position before the wrongful transfer took place
stay
a cour order that prevents further collection actions by creditors. the stay is issued upon the filing of the bankruptcy petition, but does not apply to family law issues
Any deficiency for secured creditors after the collateral is sold:
is paid along with the general creditors
Liens
Creditors claims on real or personal property to secure payment of debt or performance of obligations
Mechanic’s lien
Statutory lien on real property to secure payment of debts for service to improve real property
ex. worker puts a new roof on an owner’s building. puts lien on building to secure payment
Artisan’s lien
One repairs or improves personal property for another and retains posession of that personal property
ex. mechanic puts an artisan’s lien on a car
Attachment is a court-ordered seizure of property:
due to lack of payment prior to court judtment for past-due debt
Garnishment
Allows creditor to seix property, usually money, owed to debtor by third party
Fair Debt Collection Practices Act
Restricts how creditors may collect debts
Collection agencies are prevented from contacting debotor-consumer at inconvenient hours, inconvenient places, or at work if employer object
Consumer Lenders
Required to make additional disclosures in credit card statements relating to minimum payments, late fees, and introductory rates
disclose toll-free number
more disclosures on tax consequences
Credit card holder’s liability for lost or stolen credit card
Limited to $50 per credit card for unauthorized charges
not liable for any charges after holder notifies issuer
Homestead exemption
Can exempt a debtor’s equity in certain property from postjudgment collection by a creditor
applies to general creditors and bankrutptcy trustee, not secured creditors or lien holders
In both suretyship and guaranty
Third party promises to pay debt owed by debtor if debtor does not pay
Strict suretyship
Surety promises to be responsible for the debt and is primarily liable for the debt
In contrast to suretyship, in guaranty contract gurantor is normally:
secondarily liable
If guarantor’s promise is primarily for his/her own benefit (main purpose doctrine)
it need not be in writing
*normally these do need to be in writing
A guarantor of collection is different than a mere guarantor:
A creditor only needs to request payment from payment from the debtor before proceeding against a guarantor
Whereas the creditor must exhaust all legal remedies against the debtor before proceeding against a guarantor of collection
subrogation
Upon payment, surety obtins same rights against principal debtor that the creditor hard
Fraud by principal debtor to induce a suretyship agreement:
will NOT release surety if credtiro has extended credit in good faith
If creditor relases the debtor, the creditor reserves its rights gainst the suurety
the surety is still liable to the creditor
Release of surety by creditor
Does Not release principal debtor because debtor is liable whether or not surety is liable
S is a surety on a $10,000 loan between Creditor and Debtor. Creditor is also holding $1,000 of Debtor’s personal property as collateral on the $10,000 loan. Before the loan is paid, Creditor returns the collateral to Debtor
This action releases S from $1,000 of the $10,000 loan
Cosureties
Exist when there is more than one surety for same obligation of principal debtor to same creditor
Assignment for the benefit of creditors
A possible alternative to bankruptcy
This occurs where a debtor assigns assets to a third party who uses those assets to pay the debtor’s creditors.
It is important to remember that an assignment for the benefit of creditors does not release the debtor from the debt, unless the debts are paid in full
Agency
Relationship between 2 parties, whereby one party (agent) agrees to act on behalf of the other party (principal) with respect to third parties.
A contract is not required but is frequently present
Employer and Employee
Principal - employer
Agent - employee
Power of attorney
A person authories another person to act as his representative
agency
Del credere
A sales agent who guarntees the accounts of the cusomers to his principal
If agency contract cannot be completed within a year
must be in writing
Actual authority comes from:
the principal
Apparent Authority
Comes from a third party’s reasonable, but mistaken, belief that the agent has actual authority to enter into the contract
If agent acts with no authority, then the principal is not liable unless:
the principal ratifies the contract
The principal’s liability for the agent’s tort depends upon whether the agent’s tort was committed:
in the scope of employment
Intentional torts are normally:
outside the scope of employment
Relationship between a corporation and CPA to audit corporate books
Employee and independent contractor
To whom do subagents owe fiduciary duties
both agent and principal
FICA
Imposes social security tax on employees, self-employed, and employers
FICA is also used to fund:
Medicare, not Medicaid
Unemployment insurance (FUTA)
Tax is used to provide unemployment compensation benefits to workers who lose jobs and cannot find replacement work
Workers compensation
A form of strict liability whereby employer is liable to employee for injurries or diseases sustained by employee which arise out of and in course of employment
Important point about workers compensation:
No fault need be shown
If employer intentionally injures employee
Employee may proceed against employer based on intentional tort in addition to recovering under workers compensaiton benefits
Employee is entitled to workers compensation benefits without:
regard to fault
Title VII
of 1964 civil rights act forbids discrimination in employment on the basis of race, color, religion, sex, or national origin
Quid pro quo
Intentional harassment involving promotions, job offers, job benefits, in exchange for sexual relations
National Labor Relations Act (NLRA)
Provides that employees have right to join, assist, or form labor organizations
Permissive bargaining subjects
Topics that either side may negotiate about.
Federal Consolidated Omnibus Budget Reconciliation Act
Provides that when employee quits, he may keep group health insurance coverage for 18 months
Worker Adjustment and Retaining Notification Act
Provides that employers before the close or have massive layoffs must give 60 days notice to employees
Parties involved in cleanup costs and environmental damages have joint and several liability:
- current owners and operators
- past owners and operators of site
- persons who transported waste to site
- persons who arranged to have waste transported
The standard is based on ________ for all cleanup costs
strict liability
Antitrust law
Main purpose of federal antitrust law is to promote the production and distributin of goods and services in the most economical and efficient manner by preserving free, compettive market
Regulation is by federal law*
Sherman Act of 1890
Contracts, combinations, conspiracies, or agreements in restraint of trade are illegal under this act
per se rule
the restraint is automatically illegal
illegal to obtain or create a monopoly
sherman law
Clayton Act
Prohibits a corporation from acquiring the stock of a competing corporation (merger) where the effect might substantially lessen competition or tend to create a monopoly
conglomerate merger
not in the same industry
Tying arrangements
Where the seller forces the buyer to take one ore more other products as a condition to acquiring the desired product
Robinson-Patman Act
Prohibits price discrimination
When a seller charges different prices to different buyers of the same good
Firm offer rule
Promise to hold an offer open is irrevocable if the promise is:
in writing and
made by merchant
Perfect tender rule
Seller’s tender of goods must conform exactly to the terms of the contract
Anticipatory repudiation
One party clearly indicates that it is unwilling, or unable, to perform the contract as promised
Bill of lading
A document of title that is issued by a private or common carrier in exchange for goods delivered to it for shipment
Examples of voidable title
Goods paid for with a check subsequently dishonored
Goods obtained by fraud, mistake, dures, or undue influence
Goods obtained from minor
Thieves and or finders of property have void title
Sale on approval
Goods may be returned even if they conform to the contract
Express warranties
Any affirmation of fact or promise made by the seller to the buyer that relates to the goods and becomes part of the basis of the bargain creates an express warranty
warranty of merchantability
goods are fit for ordinary purpose
Warranty of fitness for a particular purpose
Created when the seller knows of the particular use for which the goods are required and further knows that the buyer is relying on skill and judgment of seller to select and furnish suitable goods for this particular use
Negligence
- duty to exercise reasonable care
- breach of duty of reasonable care
- caused injury/damages
- damages
Work Product doctrine
Doctrine that protects work product from detection
Entity Classification Form
Form 8832
whre does federal tax legislation begin?
house of representatives
__________ are not considered personal holding company income
capital gains
Chapter 9
municipalities
listed property
must be used in business 50% or more to get 179 treatment
all court cases start where?
trial court
small oil and gas depletion percentage
15%
_____________ may not deduct the costs of fringe benefits
sole proprietorships
death benefits received from term life insurance policy on parent.
not taxable
Audit committees of the board of directors:
All members must be independent
Must have at least one financial expert
The registration statement describes:
the use of the proceeds
and contains audited financial statements
Tombstone ad
informs investors about obtaining prospectus
how many days for proxies
10 days
Short swing profits
Must be returned to the company
6 months
All members of the compensation committee of the BOD
must be independent
Emerging companies do not have to have audits of internal control
for 5 years or until gross revenues are $1 billion or more
Alien corporation
when it is operating in a different country
collateral estoppel
you didnt file the papers but everyone thinks you are an entity
A revocation is effective when:
received by the offerree
A promise to hold an offer open for a specified time is not binding:
unless suppoted by consideration
condition precedent
a condition that must be met before a contract becomes enforceable
condition subsequent
a condition that, upon being met, releases a party from obligation
Fraud in the execution (deceived into thinking it isnt a contract)
void
Fraud in the inducement
Voidable
mutual mistake
voidable
extreme durress
void
simple durress
voidable
When the subject contract is unique:
specific performance
common carrier
strict liability
Sale on Approval
Buyer takes possession - risk of loss remains with seller
title and risk of loss transfer upon acceptance
COD
buyer generally has right to inspect goods before making payment
Buyer gives up right to inspect before payment in contract specifying COD shipment
How id warranty of merchantability disclaimed?
phrases such as “as is”
When partial payment is made to an insolvent seller, the buyer may recover or capture goods identified to the contract that are in the possession of the sller under the right of __________
replevin
trade acceptance
seller extends credit
draft
acronym for requirements of negotiability
FAMOUS
bearer paper:
negotiated by delivery alone
Order paper:
negotiated by delivery and endorsement
3 Requirements of HDC
instrument taken for value
taken in good faith
without notice of defects
forgery
real defense
fraud in the execution
real defense
material alteration
real defense
discharge in bankruptcy
real defense
minority
real defense
extreme durress
real defense
breach of contract
personal defense
lack of consideration
personal defense
imposter or fictitious name given by payee
personal defense
simple duress
personal defense
fraud in the inducement
personal defense
Consumer credit contracts
cannot take as a holder in due course
The only warranty that requires the transferor knows of the warranty breach
transferor’s warranty liability
No one has primary liability on a draft until:
it has been accepted
A party may eliminate its contract liability, not warranty liability, by signing:
without recourese
3 requirements for a valid security agreement:
in writing, except when in possession of collateral
signed by the debtor
a description of the collateral
attachment gives the right to WHAT upon default of debtor
collateral
Acronym for attachment
GRIPS
acronym for perfection
ASAP
Requirements for PMSI in noninventory goods to have highest priority
Must be perfected within 20 days of debtor possessing collateral
If perfection by filing versus perfection by possession:
in order of perfection date
Authorized credit counselor
Consumer debtor must meet with an authorized credit counselor within 180 days prior to filing for bankruptcy
Avoidance acronym
FLAP
Fradulent transfers
Liens against debtor’s property
after-filing date transfers
voidable preferences
Acronym for voidable preferences
nopie
within ninety days of filing of petition to a noninsider
within one year of filing to an insider
for a pre-existing debt
while the debtor is insolvent
when the transfer exceeds the amount the creditor would obtain through bk
Priority claims acronym
stop it
support payments
trustee fees
obligations created after petition
payroll benefits
individual deposits on consumer goods not received
taxes owed to federal, state, and local governments
acronym for exceptions to discharge
stupid
student loans
taxes within 3 years
unscheduled debt causing credit not to be notified of bankruptcy
pension and profit sharing obligations
intentional force or fraud against another person
domestic support oglibations for alimony and child support
Composition of creditors
agreement between debtor and certain creditors
creditors agree to accept portion of their claims
remainder of claims of agreeing creditors discharged
require principal debtor to pay the obligation
exoneration
obtain repayment from principal debtor
reimbursement
obtain rights of creditor against debtor and debtor’s collateral
subrogation
receive proportionate payment from cosureties
contribution
If a cosurety is released by the creditor:
the remaining sureties are not liable for the proportionate share of the released surety
Fiduciary duties include duty of:
loyalty
obedience
due care
principals are not responsible for actions of:
independent contractors
Recommendations for actions affecting the environment must be accompanied by:
an environmental impact statement
unreimbursed amounts of FICA are:
compensation to the empoyee
noncontributory
only employer makes payments to plan
Employee contributions must vest:
immediately
Employer contributions must vest:
over a reasonable time
COBRA
protects employees from losing medical insurance upon termination of employment
intentional discrimination:
disparate treatment
unintentional discrimination
disparate impact
Horizontal agreements
Agreements between competitors
illegal per se
vertical restraints
vetween separate businesses in the chain of distribution
monopoly power
=> 70% or more
Robinson-patman act
prohibits sellers from charging different prices to different buyers for same goods
price discrimination
which tenants can have unequal ownership rights?
tenants in common
If trademark is not used for ________ years the trademark is abandoned
3
Businesses with average gross receipts > __________ cannot use the cash method
$5,000,000
Fringe benefits incurred for employer’s benefit:
excluded from gross income
Amortization of bond discount
included in income
Interest on Series HH US savings bonds
included in income
Nondeductible passive activity losses:
may be carried forward indefinitely or deducted when property sold
Coverdell Education Savings Accounts (ESA)
may contribute up to $2,000
must be on behalf of beneficiary under age 18
Portion of jury duty fees remitted to employer:
are deducted in calculating AGI
amortization of premium
itemized deduction
premiums for health insurance coverage
deductible medical expense
Interest on personal indebtedness is not deductible:
car loans
credit card debt
NOL from casualty and theft losses:
can carry back 3 years instead of normal 2 years
Qualifying child
relationship
age - child under 19 or under 24 and full time student
support - child must not provide more than half of own support
housing - child must live with taxpayer for more than half of year
Dependent care credit:
qualifying child under age 13
Resulting base amount x Tax rate = Tentative minimum tax
26% x first 182,500
28% (base amount - 182,500)
Tax payments include:
excess payroll taxes withheld
federal income taxes withheld
estimated tax payments
Penalty imposed for late payment of taxes unless:
underpayment for year <$1000
payments >= 90% of current year’s liability
taxes paid >= 100% of prior year’s liability
Qualified widow or widower
Must be providing > half the costs of maintainig household for dependent child
Available for 2 years after death of spouse
joint return was filed for year of spouse’s death
Schedule A
itemized deductions
Schedule B
interest and dividend income
Schedule C
Profit or Loss from Business
Schedule D
capital gains and losses
Schedule E
Supplemental income and loss
Form 4797
sale of business property
Schedule 1116
foreign tax credit
Net earnings from self employment >= _____ must file
$400
Recovery period for residential real property:
27.5 years
recovery period for nonresidential real property
39 years
Equipment, office furniture, and fixtures
7 years
cars, light trucks, and office equipment, computers
5 years
small tools
3 years
Personal property uses what convention:
half-year
Related taxpayer:
corporation or partnership where direct or constructive ownership > 50%
Like-kind exchanges
Gains recognized to extent of boot received
Partnership tax return form:
1065 tax return
Partnership terminates and its tax year closes when either:
Partnership no longer has at least 2 partners or stops doing business
More than 50% of total partnership interests are sold within a 12 month period
Corporation basis for asset:
same as shareholder’s basis
+ gain recognized
Corporate Tax
Going from Preliminary tax liability to total tax liability
+ personal holding company tax
+ accumulated earnings tax
+ alternative minimum tax
If received from a shareholder, property has _________
a transferred basis
If received from a nonshareholder, property has _________
a zero basis
When a corporation issues its own stock
never recognizes gain or loss
Premiums on key person insurance if company is beneficiary
nondeductible for corp
DPAD deduction
lower of 9% of QPAI or taxable income
limited to 50% of W2 wages
Dividends Received Deduction does not apply to:
Dividends from a foreign corporation
Dividends from a tax exempt organization
2 conditions for PHC tax
Interest, dividends, rents, royalties, or personal service contracts > 60% of gross income
Five or fewer shareholders own > 50% of stock
PHC tax =
Undistributed PHC income x 20%
PHC tax can be reduced by
actual and consent dividends
The accumulated earnings tax is not:
self assessed
Adjustments to pre-ACE AMTI to compute ACE include adding:
Seventh percent dividends received deduction
Life Insurance proceeds
Municipal bond interest on general obligation bonds
SLIM
ACE adjustment;
75% x (ACE - pre ACE AMTI)
Foreign Tax Credit =
smaller of:
Amount of foreign tax paid
(Foreign taxable income / total taxable income) x total us tax liability
Schedule M-3
More detailed version of M-1
for corporations with total assets in excess of $10 million
Spin offsand split offs
One corpporation divides into 2 or more separate corporations
1244 stock gains
Capital gains
Only 1 class of stock for S corps
voting and nonvoting are one single class of stock
Net rent and royalty income:
Subject to passive activity loss limitations
Tax preferences and adjusments:
Used to compute shareholder’s AMT
Charitable contributions and simple trusts:
Simpe trusts cannot make charitable contributions
Estate exemption
$600
Simple trust exemption
$300
complex trust exemption
$100
Net capital gains and DNI
Net capital gains are allocated to the principal and not included in DNI
Tax return due date for an estate:
3.5 months after close of year
Estimated quarterly tax payments for Estates
Not required for first 2 years
Required after
Discount on sale ofproperty to family member:
included in taxable gifts
Reduction in interest on loans to family members at low rates
included in taxable gifts
Inherritance holding period
automatically long term
Amended individual income tax return: due date
within 3 years from when original return filed
S corporation tax return due date:
March 15
Exempt organization tax return: due date
May 15th of following year
HSA savings account
Deduction for AGI
______ is tax free when withdrawn
ROTH IRA
Attorney fees in discrimination lawsuit
deduction for AGI
Section 179
$25,000
Up to total purchases of $200,000
excess 179 can be carried forward
interest and dividend income
portfolio income
personal property
mid year (or mid quarter)
leasehold improvements
39 years
accident premiums
not deductible
foregin income tax
deductible
Investment interest expense on tax free
not deductible
mortgage points
dedutible if prepaid interest
Donate property to charity
LTCG and related to charity
Deductible up to 30% of AGI
use FMV
Donate property to charity
STCG and not related
Deductible up to 50%
Use adjusted basis
Childs investment income that exceeds $1900
will be taxed at parent’s rate
Nonresident aliens
can still file married, filing jointly
Refundable tax credit
earned income credit
child tax credit
American opportunity credit
_____ days to petition the tax court
90
no petition =>
10 days to pay tax
S corp dividend income
tax free
adoption credit
not refundable
adoption expense
not deductible
Current Earnings and Profits =
Taxable Income
+ Nontaxable Income (permanent differences)
- Nondeductible expenses (permanent differences)
+/- Temporary GAAP vs Tax differences
current earnings are allocated on a
pro rata basis
accumulated ep is allocated based on
chronological order
Accumulated Adjustments Account =
Ordinary Income
+/- Separately Stated Items (lines 2-12 on K-1)
- Distributions
S corp distributions with C corp E&P
- to extent of AAA - reduces basis - not taxed
- to extent of C corp E&P - does not reduce basis - taxable dividend
- to extent of basis - reduces basis - return of capital not taxed
- in excess of basis - taxable capital gain distribution
Paul Pappas owns all of the stock of an S corporation which had previously been a C corporation.
The S corporation had the following balances at the beginning of its tax year:
Accumulated adjustments account $ 8,000
Accumulated earnings and profits $ 10,000
Paul’s stock basis was $20,000 at the beginning of the tax year.
The S corporation made a distribution of $19,000 to Paul during the year.
What is Paul’s stock basis at the end of the year?
11,000
fee information from a tax practictioner:
It may communicated in a number of ways
professional lists, telephone directories, mailings, and electronic mail
_________ are not eligible under Chapter 11 of bankruptcy
Stockbrokers
FUTA
credits for this tax are allowed to employers for certain state unemployment taxes paid by the employer
Subpart F income example
Services are provided by an Irish company in England under a contract entered into by its US parent
If a security becomes worthless in the current taxable year, it is treated as sold or exchanged on:
The last day of the current taxable year
what is the tax rate for an S corporation that pays tax on built in gains?
The highest corporate income tax rate
Which of the following contractual assignments is prohibitted?
The right to receive royalties
The right to be insured under a liability insurance policy
The right to receive installment payments
The rights under an option contract
Computer used in the business, held for 4 years
qualifies for treatment under section 1231
A personal services corporation may deduct payments made to owner employees only in the year in which the:
owner-employee includes it in income
What is a disavantage of a revocable trust?
The trust is included in the gross estate of the grantor
The CPA was preparing the financial statement for a limited liability company. To which of the following would the CPA’s report be adressed?
Member
payment for lease cancellation
included in income
private foundation not subject to:
accumulated earnings tax
social security benefits do not include:
medicaid
An executor of a decedent’s estate that has only U.S. citizens as beneficiaries is required to file a fiduciary income tax return, if the estate’s gross income for the year is at least:
$600
Contributions to unemployment insurance:
not taxable
A trust in which the beneficiaries are given a future right to trust income or corpus and the $13,000 gift tax exclusion is retained is termed a:
Crummey trust
If a tax-exempt organization’s unrelated business income is taxed, what tax rates are used?
tax rates for trusts
FUTA is a ____ paid text
employer
age discrimination
40 and above
where at least 20 people are employed
offeror becomes dead or insane
void if acceptance that given yet
revocation of contract does not count until:
until person receives the revocation
Requirements contracts
company becomes exclusive provider of something in exchange for consideration
*companies cant get locked into one and then be forced to sell something at an unreasonable price
promises to donate =>
legally enforceable
promissory estoppel
invalid contracts
fraud in the execution - void
extreme durress - void
illegal - void
error - void
fraud in the execution
didnot know they were signing a contract
undue influence
voidable
error in contract =>
unenforceable
cosigning and guaranteeing the debt of another =>
must be in writing
how many parties does a promissory note have?
2 parties
check is a _______
draft
drawer
the person writing the check
you keep your checkbok in your desk DRAWER
looks like a check
30 days after date pay to the order of
negotiable time draft
blank indorsement
doesnt name a new payee
restrictive endorsement
doesnt cancel negotiability
who has primary liability on a check?
no one
unless bank certifies funds => they are primarily liable
by signing =>
warrant to all future parties
by not signing =>
warrant to next party only
holder in due course beats fraud in the ________
inducement
if maker declares bankruptcy =>
holder in due course loses right to collect
property deeds
must be in writing and signed
description of property
deed must be recorded
personal property is both:
tangible and intangible
accumulaton of income in what trust is ok?
complex
estate tax credits are available for _______
foreign death taxes
trust beneficiaries only pay tax if
earnings are distributed
estate beneficiaries pay tax
on dni
regardless of distiributions
When there has been no performance by either party, which of the following events generally will result in the discharge of a party’s obligation to perform as required under the original contract?
both mutual recision and accord and satisfaction
The IRS has ______ years to collect after a tax has been assessed
10
spenthrift trust bars:
seizure from creditors of the beneficiary
collateral trust certificates are considered:
securities
Charles and Marcia are married, cash-basis taxpayers. In 2015, they had interest income as follows:
$500 interest on federal income tax refund
$600 interest on state income tax refund
$800 interest on federal government obligations
$1,000 interest on state government obligations
What amount of interest income is taxable on Charles and Marcia’s 2015 joint income tax return?
A.
$500
B.
$1,100
Correct C.
$1,900
D.
$2,900
1900
