The root cause of gray market activity is a large enough difference in price of the same product between two countries

If Ann grants a life estate to Ben and specifies that title will be transferred to Carl upon the death of Ben which of the following is false?

A) Ben is the life tenant. B) Carl has a revisionary interests. C) Ben owns the property. D) Carl is the remainder man.

When determining the after-tax cost of a bond, the face value of the issue must be adjusted to the net proceeds amounts by considering ________

A) the risks B) the flotation costs C) the approximate returns D) the taxes