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- Ch. 17. Select the TWO examples of direct bankruptcy costs: Group of answer choices distribution of funds to stockholders prior to bankruptcy incentive to take on risky projects administrative costs of liquidation or reorganization lawyer and accountant fees#21 TRUE OR FALSE Statement I Liquidation expenses incurred are deducted in the capital balances during liquidation Statement II Cash withheld for the future liquidation is treated as possible loss in preparing schedule of safe payments Statement III Loss absorption capacity or loss absorption potential is the minimum amount of loss that a partner may sustain before incurring negative capital balance Group of answer choices A. True, False, False B. True, True, False C. False, True, True D. False, False, False E. True, False, TrueQuestion #2 of 85 If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize? He should create a testamentary bypass trust. He should transfer his assets to an UTMA for his minor child. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee. He should execute a payable on death designation on his bank account. A) II, III, and IV B) II and III C) I, III, and IV D) II only
- 25. What is the remedy available to vendor or lessor when the vendee or lessee fails to pay a single instalment or single periodic rental in an instalment sale or finance lease of personal property assuming a chattel mortgaged is constituted on the personal property sold or leased? Group of answer choices a. Exact fulfilment of the obligation with right to recovery for deficiency b. Cancel the instalment sale or finance lease resulting to mutual restitution c. Foreclose the chattel mortgage on the personal property sold or leased d. Any of the aboveQuestion 20 True or False. The concept of the inevitable gain in a life insurance policy indicate that using insurance proceeds will not cost the estate more than using IRC Sections 6166 or 6161 to pay the tax. True False10. The costs that are directly associated with bankruptcy such as legal and administrative expenses are known as A indirect bankruptcy costs B direct bankruptcy costs C financial distress costs D miscellaneous bankruptcy costs
- Question 12 of 30.Who is required to issue Schedule K-1 (Form 1041) for a nongrantor trust?O The grantor.Each beneficiary.O The trustee.The IRS.OMark for follow up2.1. How bankruptcy can be initiated and what are the available alternatives to it?FrF Fresh-start accounting must be adopted by certain debtors emerging from chapter 11 bankruptcy. When is fresh start accounting required? What are some of the characteristics of fresh-start accounting?
- Chapter 13 bankruptcy provides for: a. adjustment of debts of persons with regular income b. reorganization of a corporation c. liquidation proceedings d. none of the aboveChoose the correct. What is a debtor in possession?a. The holder of a note receivable issued by an insolvent company prior to the granting of an order for relief.b. A fully secured creditor.c. The ownership of an insolvent company that continues to control the organization during a bankruptcy reorganization.d. The stockholders in a Chapter 7 bankruptcy.Bankruptcy issues: 1. Why do creditors accept a plan for financial rehabilitation rather than demand liquidation of business? 2. Would it be a sound rule liquidate whenever the liquidation value above the value of a corporation is a going concern? Discuss
