Final Review Notes Flashcards
1
Q
Terms of a merchants firm offer
A
If in writing and guaranteed to stay open for an unspecified amount of time, firm offer cannot be revoked if w/in a reasonable amount of time (usually 3 months)
2
Q
Negotiable instruments must be…
A
Payable on demand or w/in a specific period of time.
3
Q
Liability if a limited partner contracts as a general partner
A
Limited partner is liable as a general partner only to the creditor it transacted with.
4
Q
Gains on 1245 assets
A
Recognized as ordinary to extent of accumulated depreciation, remainder of gain is capital
