Compensations and Credits

Question 1

refundable tax credit

Answer 1

is a credit you can get as a refund even if you don’t owe any tax. Tax credits are amounts you subtract from your bottom-line tax due when you file your tax return. Example: Child tax credit, Excess social security paid, Earned income credit

Question 2

Under the UCC Sales Article, which of the following legal remedies would a buyer not have when a seller fails to transfer and deliver goods identified to the contract?

Answer 2

Suit for punitive damages.

Question 3

Under Chapter 11 of the federal Bankruptcy Code, which of the following would not be eligible for reorganization?

Answer 3

Savings and loan corporation.

Retail (and wholesale) sole proprietorships, advertising partnerships and CPA professional corporations may file under Chapter 11 of the Bankruptcy Code.