The XYZ Partnership is comprised of three partners. Sam and Earl each own 30% of the capital and profits, and Tim owns 40% of capital and profits. Sam and Earl each use a tax year ending on June 30. Tim's tax year ends September 30. What is the partnership's required tax year end?

Which of the following acts will always result in the total release of a compensated surety?

A. The creditor changes the manner of the principal debtor's payment. B. The creditor extends the principal debtor's time to pay. C. The principal debtor's obligation is partially released. D. The principal debtor's performance is tendered.

The difference between the ask rate and the bid rate is known as the

A) arbitrage profit. B) dealer's profit. C) spread. D) bid-ask spread.