Which of the Following Is Not an Essential Element in Proving

question 114

Multiple Choice

Which of the following is not an essential element in proving that a director or officer has usurped a corporate opportunity?

• A) The opportunity was presented to the director or officer in his or her corporate capacity.
• B) The opportunity is related to or connected with the corporation's current or proposed business.
• C) The corporation has the financial ability to take advantage of the opportunity.
• D) The corporate officer or director took the corporate opportunity for himself or herself.
• E) The opportunity will, in all reasonable likelihood, be a profitable endeavor, and the corporate officer or director is aware of the favorable probability.

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Definitions:

Modified AGI

Adjusted Gross Income as further modified by specific deductions and exclusions for certain tax calculations.

Qualified Adoption Expenses

Expenses related to the legal adoption of a child that are eligible for tax credits or deductions.

Adoption Benefits

Financial assistance and tax benefits provided to individuals or families during the adoption process.

Adoption Credit

A tax credit offered to adoptive parents to offset some costs associated with the adoption process.