A business purchases an airplane from an airplane manufacturer. The business obtains a loan to purchase the airplane from a bank, which obtains a security interest in the airplane
The airplane manufacturer is paid for the airplane out of the proceeds of the loan. This is a(n) ________ transaction.
A) two-party secured
B) three-party secured
C) perfected
D) attached
B
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Kyle and Ursula owned a combination apartment building-restaurant. They shared their profits and losses on the venture equally, but they did not have any written partnership agreement. One day, Ursula died of a heart attack. If, after her death, Kyle continued to only own the same undivided interest in the real estate as he did before, then
A) they were joint tenants. B) they were tenants in common. C) they were stockholders in their own corporation. D) Ursula died intestate.
Which of the following items are not included in gross income for the calculation of your federal income taxes?
A) Wages and salaries B) Dividends C) Awards D) Municipal bond interest E) All of the above items are included in gross income.