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Alpha sold machinery that it used in its business to Beta, a related entity, for $40,000. Beta used the machinery in its business. Alpha bought the machinery a few years ago for $50,000 and has claimed $30,000 of depreciation expense. What is the amount and character of Alpha's gain?

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A resident of State A sued a resident of State B in federal district court in State B for breach of contract. Jurisdiction was based on diversity of citizenship. The plaintiff alleged that the contract was entered into in State C and was to be performed in State D. The plaintiff further alleged that the defendant failed to perform.While hearing this case, what substantive law should the federal district court apply?A The law that the State D state court would applyB The law that the State C state court would apply.C The law that the State B state court would apply.D The law that the federal district court believes most logically applies.

passenger domiciled in State A has brought a federal diversity action in State A against a railroad, seeking damages for injuries suffered when the railroad's train, which the passenger boarded in State A, derailed in State B. railroad is incorporated and has its principal place of business in State B and operates in States A and B. Several other passengers were also injured and have brought individual actions in State B federal court.Railroad has moved the State A federal court to transfer the action to the State B federal district court. State B has only one federal district.What is the railroad's best argument in support of the motion?A. accident occurred in State B and many witnesses are located there.B. action involves common questions of fact with similar actions pending inState B.C. railroad is incorporated and has its principal place of business in State B.D. Venue is not proper in State A.

A landscaper from State A sued a homeowner from State B in a state court in State B.The landscaper is seeking $100,000 as compensation for tortious injuries caused by the homeowner's allegedly negligent acts in State B. The homeowner filed a notice of removal in the federal court in State B. The landscaper filed a motion to remand to the state court.Should the court grant the landscaper's motion to remand?A No, because the federal court may use supplemental jurisdiction to establish subject-matter jurisdiction.B No, because the federal court has subject-matter jurisdiction under the diversity statute.C Yes, because the homeowner is a citizen of State B, the state in which the action was brought.D Yes, because the notice of removal should have been filed in state court.

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