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- under the death of an insured, a creditor May be able to be a claim if the a. beneficiary is the insured's spouse b. beneficiary is the insured's estate c. beneficiary is the insured's college alma mater d. beneficiary is the child of the nurseWhich of the following matters cannot be taken into account in determining a taxpayer’s purpose in entering into or carrying out a scheme under Part IVA: (a) Manner in which the scheme is entered into and carried out. (b) Form and substance of the scheme. (c) Time the scheme is entered and length of period it is carried out. (d) Tax result achieved but for Part IVA. (e) Change in financial position of the taxpayer and any connected person. (f) Other consequences for the taxpayer and any connected person. (g) Nature of any connection between the taxpayer and any connected person. (h) A taxpayer’s actual subjective purpose. in entering into the scheme or carrying it out. Which of the following cannot be a general deduction for an employee: (a) Work union membership fees. (b) Work related travel (non-car) expenses. (c) Periodical subscriptions to trade or professional associations. (d) Periodical subscriptions to work related or professional books and manuals. (e) Technical or trade…If the object of the obligation to give is lost or destroyed through a fortuitous event, can the debtor or obligor still be held liable for damages?
- An agent is NOT personally liable on a contract made with a third party when: 1) neither the existence, nor the name of the principal is known to the third party. 2) the name and existence of the principal are known to the third party. 3) the agent makes the contract with the third party in his/her personal capacity as a co-signor or obligor with the principal. 4) the existence, but not the name of the principal is known to the third party.The incontestability clause A) Gives the company the right to rescind a policy at any time B) Permits the company to pay claims within 2 years Makes it necessary for the beneficiary to present proof of death in the event of a death claim Prevents the company from denying a claim after the policy has been in force for 2 years1. Assuming the Accused K was prosecuted for violation of Anti-Bouncing Checks Law, what defense under the law may she offer to escape criminal liability? A. No written notice of dishonor of the check was received by the drawer or maker from the drawee bank, the holder of the check, or the offended party. B. The check in issue is merely a memorandum check. C. The person whose signature appears on the check is merely an employee of a corporation, induced by her employer to countersign the check in blank, without knowing the name of the payee. D. The drawer, within 5 banking days from receipt of the notice of dishonor, tried to make arrangements for the partial payment of the check granted limited funds with the payee refusing to accede to such scenario. 2. K, an employee of a growing BPO earns a salary which is just a bit more than what he needs for a comfortable living. He maintains a P10,000 savings account, a P20,000 checking account, a P30,000 money market…
- As a student, how do you explain it? Section 6. (a) Any creditor who in connection with any credit transaction fails to disclose to any person any information in violation of this Act or any regulation issued thereunder shall be liable to such person in the amount of P100 or in an amount equal to twice the finance charged required by such creditor in connection with such transaction, whichever is the greater, except that such liability shall not exceed P2,000 on any credit transaction. Action to recover such penalty may be brought by such person within one year from the date of the occurrence of the violation, in any court of competent jurisdiction. In any action under this subsection in which any person is entitled to a recovery, the creditor shall be liable for reasonable attorney's fees and court costs as determined by the court. (b) Except as specified in subsection (a) of this section, nothing contained in this Act or any regulation contained in this Act or any regulation…Having recently made a fortune by inventing and selling a new piece of software, Matt heardthat his friend, Lois, was having a hard time obtaining a bank loan. Matt therefore generously promised the bank that he would be responsible for the debt if Lois failed to repay a loan. That promise will be enforceable against Matt if A) he provides a notarized copy to the bank B) Lois repeats Matt's promise in a document that she signed. C) either Lois or the bank provides some positive benefit to Matt personally D) the promise is contained in a document that Lois and the bank signed. E) he provides it to the bank in a signed document.The Fifth Third Bank has a security interest in all of the inventory owned by The Stan Still Stationery Store. Assuming the Fifth Third Bank has properly attached and perfected its security interest in the inventory, it would still not be protected against the claims from: (Choose all of the correct answers.) Ty Coon, the landlord who owns the building in which The Stan Still Stationery Store operates Lou Pole, a private lender, who loaned money to The Stan Still Stationery Store two years ago and attached to the same inventory, but did not perfect his security interest Wells Fargo Bank, which previously loaned money to the Stan Still Stationery Store and properly attached and perfected its interest against the inventory Mary Annette, a customer who bought reams of copier paper during one of The Stan Still Stationery Store's monthly 75%-off sales Anne Teak, a customer who purchased printer toner cartridges at The Stan Still Stationery Store
- Is there provision for payment of interest on delayed gratuity and what penalties exist for non-compliance with the Gratuity Act?under the NCC, what are the different acts or omissions of the obligor or debtor which will result in the breach of the obligation for which he can be held liable for damages?17. Elizabeth Ellis sells a business asset for $10,000. Assume that Elizabeth has owned the asset for several years; that the original cost was $6,000; and that Elizabeth has claimed no depreciation deduction during the period of ownership and use. Assume that Elizabeth would have deducted $2,000 if she had claimed depreciation. Assume also that Elizabeth will not file amended returns to correct any prior year returns. How should Elizabeth report the sale? Ignore any potential depreciation recapture. Gain of $6,000 and expense of sale deduction for AGI of $2,000 Gain of $6,000 and a deduction from AGI of $2,000 Gain of $4,000 Gain of $4,000 and itemized deduction of $2,000 A B D None of the above