REG 4 Flashcards
A self-employed person may deduct one-half of the self-employment taxes paid as a deduction for AGI, not as an itemized deduction.
A self-employed person may deduct one-half of the self-employment taxes paid as a deduction for AGI, not as an itemized deduction.
Income from a hobby is reported as other income on the front page of Form 1040. Beginning in 2018, hobby expenses are not allowed as a deduction.
Income from a hobby is reported as other income on the front page of Form 1040. Beginning in 2018, hobby expenses are not allowed as a deduction.
Although no gain or loss is generally recognized upon the receipt of property in a proportionate liquidating distribution, a LOSS CAN ONLY BE RECOGNIZIED if the distributee partner receives only cash, receivables, and inventory.
Although no gain or loss is generally recognized upon the receipt of property in a proportionate liquidating distribution, a LOSS CAN ONLY BE RECOGNIZIED if the distributee partner receives only cash, receivables, and inventory.
If the payment were more than $6,425, then the 90-day rule would make the payment preferential, because the credit card balance was an antecedent debt, or one that existed when the bankruptcy was filed.
If the payment were more than $6,425, then the 90-day rule would make the payment preferential, because the credit card balance was an antecedent debt, or one that existed when the bankruptcy was filed.
A composition of creditors occurs when creditors make an agreement with each other to accept less than the full debts as full satisfaction of those debts. Once the debtor performs under the agreement, the debts are discharged, so this generally causes a release of the debtor from its debts.
A composition of creditors occurs when creditors make an agreement with each other to accept less than the full debts as full satisfaction of those debts. Once the debtor performs under the agreement, the debts are discharged, so this generally causes a release of the debtor from its debts.
When suing and actual CPA for negligence - The elements needed by a plaintiff to prove negligence against a defendant (including a CPA) are proof of the standard of due care, breach of that standard of due care, injury, and cause including both cause-in-fact and proximate cause.
When suing and actual CPA for negligence - The elements needed by a plaintiff to prove negligence against a defendant (including a CPA) are proof of the standard of due care, breach of that standard of due care, injury, and cause including both cause-in-fact and proximate cause.
Generally an offeror may revoke an offer at any time prior to acceptance by the offeree. Revocation is effective when it is received by the offeree. Revocation also occurs if the offeree learns by a reliable means that the offeror has already sold the subject of the offer.
Generally an offeror may revoke an offer at any time prior to acceptance by the offeree. Revocation is effective when it is received by the offeree. Revocation also occurs if the offeree learns by a reliable means that the offeror has already sold the subject of the offer.
common law - An offeror may stipulate in the offer that an acceptance must be received in order to be valid. Such a stipulation effectively negates the rule whereby acceptance may take place upon dispatch
Common Law- An offeror may stipulate in the offer that an acceptance must be received in order to be valid. Such a stipulation effectively negates the rule whereby acceptance may take place upon dispatch
Common Law - Generally, an offeror may revoke an offer at any time prior to acceptance by the offeree. However, notice of revocation must be received by the offeree before the revocation becomes effective.
Common Law - Generally, an offeror may revoke an offer at any time prior to acceptance by the offeree. However, notice of revocation must be received by the offeree before the revocation becomes effective.
Under the mailbox rule, an acceptance is ordinarily effective when sent if transmitted by the means authorized by the offeror, or by the same means used to transmit the offer if no means was authorized. However, the offeror may stipulate that acceptance is effective only when received by the offeror. If the offeror does stipulate this, the mailbox rule does not apply.
Under the mailbox rule, an acceptance is ordinarily effective when sent if transmitted by the means authorized by the offeror, or by the same means used to transmit the offer if no means was authorized. However, the offeror may stipulate that acceptance is effective only when received by the offeror. If the offeror does stipulate this, the mailbox rule does not apply.
The terms of an offer must be certain or definite under the Common Law.
The terms of an offer must be certain or definite under the Common Law.
Under UCC-An offer to buy goods for prompt shipment is construed to invite acceptance, either by a prompt promise to ship or prompt shipment unless the language of the offer specifically stipulates otherwise.
Under UCC-An offer to buy goods for prompt shipment is construed to invite acceptance, either by a prompt promise to ship or prompt shipment unless the language of the offer specifically stipulates otherwise.
under common law, which applies to the sale of real property, the modification of an existing contract must be supported by consideration.
Under the UCC, however, a contract for the sale of goods may be modified either orally or in writing without consideration.
under common law, which applies to the sale of real property, the modification of an existing contract must be supported by consideration.
Under the UCC, however, a contract for the sale of goods may be modified either orally or in writing without consideration.
Promissory estoppel acts as a substitute for consideration and renders the promise enforceable. The elements necessary for promissory estoppel are (1) detrimental reliance on a promise, (2) reliance on the promise is reasonable and foreseeable, and (3) damage results (injustice) if the promise is not enforced.
Promissory estoppel acts as a substitute for consideration and renders the promise enforceable. The elements necessary for promissory estoppel are (1) detrimental reliance on a promise, (2) reliance on the promise is reasonable and foreseeable, and (3) damage results (injustice) if the promise is not enforced.
The formation of a contract requires offer, acceptance and consideration
The formation of a contract requires offer, acceptance and consideration
