Martinndungu1986

Accord - agreement Anticipatory breach - Notified that a party to the contract will not fulfill their part of the contract prior to the required time of fulfillment. Anticipatory Repudiation - An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time. Excessive liquidated damages - An unreasonable amount agreed upon at the time of the contract. They are considered void because they are vi...

CONTRACTS REQUIRING WRITING (MY LEGS) - -MARRIAGE - CONSIDERATION -YEAR - TERMS CANNOT BE COMPLETED IN 1 YEAR -LAND - EXCEPT LEASES LESS THAN 1 YEAR - EXECUTORS - PAY ESTATE DEBTS FROM PERSONAL FUNDS -GOODS - 500 OR MORE - SURETY - TO PAY DEBT OF ANOTHER EXCEPTION TO MY LEGS (SWAP) - -SPECIFIC MFG GOODS -WRITTEN CONFIRMATION -ADMITTED TO COURT -PERFORMED FRAUD IN EXECUTION - PARTY DECEIVED INTO SIGNING SOMETHING THAT DOES NOT LOOK LIKE A CONTRACT FRAUD IN THE INDUCEMENT - DEFRAUDED P...

1933 Federal Securities Act - Requires corporations to provide complete information of all stock offerings and made them liable for misrepresentations (truth in securities act) 7 Tests for Material Participation - Taxpayer must meet at least one of the following tests on an annual basis (Note: the first 3 are the most important to know): -Taxpayer participates in the activity more than 500 hours. -Taxpayer's participation is substantially all of participation by all owners/nonowners -Tax...

3 Questions of an Offer - 1. Was there a manifestation of intent to contract? 2. Was there definiteness and certainty in the essential terms? 3. Was there communication of the above to the offeree? Acceptance - Express (oral or written) or implied (conduct). Only the person to whom the offer was made may accept (not assignable, except option contracts) Accord - an agreement to substitute one contract for another. Accord and satisfaction discharges the orignal duty Anticipatory Repudiation...

A CPA who negligently gives an opinion on an audit of a client's financial statements is.. - CPA is liable to anyone in a class of third parties who the CPA knows will rely on the opinion AGI limitations for charitable contributions (individual) - - 60% for cash contributions - 50% for ordinary income property contributions ; lesser of adj basis or FMV ; ex. inventory, shrt term assets, investment/personal use assets that have depreciated in value - 30% for property contributed - lng term...

2 remedies for breach of contract - 1. Rescind (cancel) contract & sue for restitution 2. Affirm contract & sue for [actual] damages 3 parts of a valid contract - 1. Offer 2. Acceptance 3. Consideration Assignment of rights/duties: who's liable? - the assignor - unless novation & assignee substitutes assignor Bilateral vs unilateral contract - bilateral: promise for a promise - can accept unilateral: promise for an act (one sided) - can only accept when perform can an intended 3rd part...

A contracting party can establish the defense of fraud if she can prove - MAIDS - all 5 Misrepresentation of material fact Scienter (intent to deceive) Intent to induce reliance - make sale Actual and Reasonable Reliance - on misrepresentation, independently check value Damages - compensatory & punitive, liable to anyone who suffered a loss bad debt expense - only expenses that are written off during the year is deductible bankruptcy involuntary petition - if there are 12 or more creditor...

FOR" AGI include: - - business expenses - rental and royalty activity expenses - alimony payments (by payor) - 1/2 of self employment taxes by self employed taxpayer - 100% of medical insurance premiums by a self employed taxpayer for taxpayers who are not eligible for employee subsidized health plan - moving expenses - IRA contributions - interest on student loans - contributions to Health Saving Accounts - attorney/court fees for discrimination suits - penalty for early withdrawal ...

BASIS OF GIFTS - CARRYOVER BASIS PLUS THE PORTION OF GIFT TAX PAID BY THE DONOR CAPITAL ASSET - ALL EXCEPT FOR BUSINESS DEPRECIABLE ASSETS, AR FROM INVENTORY SOLD, AND REAL PROPERTY CLAIM FOR REFUND - LATER OF 3 YEARS FROM RETURN DUE DATE (INCLUDING EXTENSION) OR 2 YEARS FROM WHEN THE TAX WAS PAID CORPORATE ESTIMATED PAYMENTS - LESSOR OR 100% PRIOR YEAR TAX OR 100% CY ESTIMATED TAX ESTIMATED UNDERPAYMENT PENALTY - MUST PAY 90 % OF CY TAX OR 100% OF PRIOR YEAR TAX, 110% IF AGI OVER $150K ...

A year one capital loss incurred by a married couple filing a joint return: A. will be allowed only to the extent of capital gains. B. will be allowed to the extent of capital gains, plus up to $3,000 of ordinary income. C. may be carried forward up to a maximum of five years. D. is not an allowable loss. - B. Capital losses are used first to offset capital gains. Once the capital gains are offset, the net capital loss is then used to reduce ordinary income up to $3,000. The excess over $3...