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Legal Concepts42) Nett Labs orders 30 desktop computers from iDeal, a local computer dealer. Nett Labsrequires that each computer has a 2.6 GHz processor, 500 GB hard disk and Windows operatingsystem. iDeal supplies 30 desktop computers, each with a 2 GHz processor, 500 GB hard diskand Windows operating system. Which of the following terms hold true for iDeal's performance?A) complete performanceB) material breachC) substantial performanceD) anticipatory breach

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SoSo Co., a calendar year C-corp., has a beginning of year accumulated E & P balance of $30,000 and current year E & P deficit of $12,000. On June 30, the corporation makes a $29,000 distribution to its sole shareholder. How much of this distribution is considered a dividend to the shareholder?a)$29,000b)$28,000c)$30,000d)$24,000

A C-corporation with a $100,000 E & P balance before distributions made a year-end distribution of land to its sole shareholder. The land distributed has a $150,000 fair market value and a $130,000 basis. The shareholder's basis in his shares of stock is $10,000 before the distribution. Which of the following statements is false?a)The corporation's E & P balance after the distribution is $0.b)The shareholder recognizes $100,000 of dividend income.c)The corporation must recognize a $20,000 gain.d)The shareholder recognizes $20,000 of capital gain.

Stock attribution rules apply to certain types of stock redemptions. These rules state that an individual is deemed to own the stock owned by certain members of his or her family. Which of the following is not included in the definition of family for these purposes?a)Parentsb)Spousec)Siblingsd)Children

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