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Gwar [14]
4 years ago
5

A federal law that requires creditors to disclose the annual percentage rate (APR) and the finance charge as a dollar amount is

called___________.
Business
1 answer:
Nikolay [14]4 years ago
8 0

Answer: The Truth in Lending Act (TILA) of 1968

Explanation: TILA is a law enacted by the USA federal law to protect lenders and consumers generally are treated justly.

The laws requires lenders to disclose the APR (annual percentage rate) of loans, finance charge, repayment schedule and total repayment amount in the documents to be sent  to and signed by the lenders.

This is to control the excesses of lenders and the terms used in the contact must be simple to understand by the borrowers.

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Rufus Inc. and Hardy Company are negotiating a nontaxable exchange of business properties. Rufus’s property has a $50,000 tax ba
Norma-Jean [14]

Answer:

Which party to the exchange must pay boot to make the exchange work?

  • Rufus must pay boot since the FMV of its property is less than the FMV of Hardy's property.

How much boot must be paid?

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Assuming the boot payment is made, how much gain or loss will Rufus realize and recognize on the exchange, and what tax basis will Rufus take in the property acquired?

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Assuming the boot payment is made, how much gain or loss will Hardy realize and recognize on the exchange and what tax basis will Hardy take in the property acquired?

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