Wallace and Pedersen have equal interests in the capital and profits of the partnership of Wallace and Pedersen, but are otherwise unrelated. On August 1, 2016, Wallace sold 100 shares of Kalmia Mining Corporation to the partnership for its fair market value of $7,000 . Wallace had bought the stock in 2007 at a cost of $10,000 . What is Wallace's deductible loss for 2016 as a result of the sale

Under UCC guidelines, to require a bank to abide by a postdated check, the drawer must give separate written notice to the bank, describing the check with reasonable certainty and notifying the bank not to pay the check until the date on the check

Indicate whether the statement is true or false

If a project uses an asset the corporation already owns, the cost of that asset for capital budgeting

purposes is zero to reflect the advantage the project has over projects that require the purchase of new assets. Indicate whether the statement is true or false