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Dimas [21]
2 years ago
12

To what extent is debt cancelled in a personal bankruptcy taxable as cancellation-of-debt income

Business
1 answer:
Aleksandr-060686 [28]2 years ago
4 0
From what I know, when the company files for bankruptcy.
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Malik Corp.'s bank statement has an ending balance of $50,000. The deposits in transit were $6,000. NSF checks were $1,000. Chec
olya-2409 [2.1K]

Answer:

Corrected cash balance =

Ending balance           = $50,000

Deposit in transit         = + $6,000

NSF Checks                 =  - $1,000

Outstanding checks    <u>=  - $3,000</u>

Corrected cash balance = $52,000

Explanation:

To make Adjustments to the cash balance, follow these steps;

  • Ending Balance from Bank statement
  • Add Deposits in Transit
  • Deduct NSF checks
  • Deduct Outstanding checks

6 0
3 years ago
A customer opens an account at a brokerage firm to purchase securities in an offering. The customer must receive the disclosure
zhuklara [117]

Answer:

The correct option is A

Explanation:

NASAA stands for North American Securities Administrators Association,which describe or states that falling to provide or supply to customer, the purchasing securities in an offering.

It should be done at no later than the confirmation date of the transaction, either a preliminary prospectus or a final prospectus and an extra document, which altogether contained all the information stated in the final prospectus.

Therefore, the customer should receive the disclosure document on no later date than confirmation of the sale.

3 0
3 years ago
The real estate contract for a specific property for use as an unlicensed petroleum sales operation was forced to terminate.
motikmotik

Answer: A. Impossibility of performance

Explanation:

Impossibility of contract is a doctrine where by a contract is rendered invalid on the bases of uncontrollable circumstances which renders performance of contract impossible. Impossibility of performance can be difficult to prove.

8 0
2 years ago
________ refers to the process of giving new employees the information they need to do their work comfortably, effectively, and
Pani-rosa [81]

Answer: Orientation

Explanation:

 The orientation is basically refers to program in which the proper information are providing to the new employees about the company policies, role, team and the various types of tasks and responsibilities in an organization.

 The orientation event makes the employees work comfortably, efficiently and the effectively. In this event, the new employees are brief about the company or workplace and their job responsibility.

Therefore, Orientation is the correct answer.

7 0
3 years ago
Max is designing a symbol for Clean Glow, a company that produces cleaning supplies. Once it is completed, the symbol will be le
kaheart [24]

Answer:

The symbol designed by Max is an example of trademark. The correct answer is a.

Explanation:

  • Trademark is the symbol, sign, expression or design that signifes the products or services of particular company.
  • Trademarks that signifies particular company or service mark if it signifies services, is an intellectual property which no other source can use without permission.
  • Brand name is the name of the company that develops the product or service obtained which are also named with the same.
3 0
2 years ago
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