Answer: C
Explanation:
This is because although the coupon rate is devoid of federal income tax any market discount is taxed as interest income earned. So so if there is a way that they can be taxed without jeopardizing their basic Federal income tax-free status, why not? The discount can be accreted annually and tax paid, or the tax can be paid at maturity or sale date.
Answer:
Jones is liable to pay.
He is liable to pay to the tune of $1000. This may be negotiated however if it is not fair.
Explanation:
See the following points
- The question above is an example of Implied At-law contracts. (We will get to the definition of this in a bit).
- A contract is a legally binding agreement that recognises and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of<u> the Law</u>. From the above definition it is clear that two people may actually be engaging in a contract without knowing it.
- The law defines that a contract is.
- Contracts may be Express or Implied.
- Express contracts are simply contracts that are stated expressly, or openly, in either writing or orally, at the time of contract formation.
- Implied contracts are created when two or more parties have no written contract.
- There are two types of implied contracts:
- Implied In-Fact Contracts: these are contracts which create an obligation between the parties based on the facts of the situation. For example, assume your neighbor hires you to wash his car every Friday for the entire holidays. You wash your neighbor’s car for the first four weekends of the holidays and get paid on Friday morning each time. The fifth Friday you wash the car and when you arrive at your neighbor’s house for your pay, your neighbor refuses to pay you. The law will infer that there is a contract between you and your neighbor, even though you never put anything in writing. This is an implied in-fact contract.
2. The other type of Implied contract is that which is Implied At-Law
In the case between Jones and Smith, the law imposes a duty to perform a contract, and will enforce such a contract even against a person’s will, where the situation is such that without this legal intervention, one party would be <u>unfairly enriched</u> or advantaged by another party’s action.
- In the question above, Smith is a CPA. He is qualified in every respect to carry out Professional Tax services. His services may be relied upon with a great degree of confidence.
- If Jones had not filed those tax returns, he probably would have lost monies that should have accrued to him from the government.
This type of agreement is also considered a quasi-contract. A quasi-contract occurs where the law imposes an obligation upon the parties where in fact the parties did not intend to enter into a contract and made no promise to perform.
However, because one party would be unjustly enriched by another party’s action, the beneficiary of those actions must make restitution or pay fair value for the services provided, even though there was never any intention to enter into an agreement.
Cheers!
Red yellow and blue because when they are all moved at a high speed they combine to make white
They allow creators, or owners, of
patents, trademarks or copyrighted
works to benefit from their own
work or investment in a creation.
These rights are outlined in Article
27 of the Universal Declaration
of Human Rights, which provides
for the right to benefit from
the protection of moral and
material interests resulting from
authorship of scientific, literary
or artistic productions.
The importance of intellectual
property was first recognized in
the Paris Convention for the
Protection of Industrial Property
(1883) and the Berne Convention
for the Protection of Literary and
Artistic Works (1886). Both
treaties are administered by the
World Intellectual Property
Organization (WIPO).
so the answer would be C. because a market economy relied on the free exchange of goods and services without rules.
The formation of a limited liability company is accomplished by filing the limited liability company (with a state official.
A limited liability company is a corporate structure that protects its owners from being personally sued for repayment of the company's debts or liabilities (LLC).
How we form an LLC?
- Although the rules for LLCs differ per state, there are some broad similarities. The first step for owners or members is to pick a name.
- Articles of incorporation are filed, together with a fee paid to the state. After that, the articles of incorporation can be recorded and filed with the state.
- These articles define each LLC member's rights, responsibilities, powers, liabilities, and other obligations.
- The paperwork also include the names and addresses of the LLC's members, the name of the registered agent, and the company statement of purpose.
To learn more about LLC
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