When Toysmart

question 97

Multiple Choice

When Toysmart.com filed for bankruptcy in June 2000, it listed its customer database as one of its assets even though it had assured its customers it would never disclose their information to any third party. People who had purchased from Toysmart and were a part of its database were upset when they learned that their private information was being treated as property that was for sale. These customers believed that they
Should know how their private information would be used. In other words, Toysmart's former customers had a:

• A)right to safety.
• B)right to choose.
• C)right to be treated courteously.
• D)right to be informed.

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Definitions:

35%

This is often a reference to a specific tax rate, percentage rate of interest, or any other figure that is quantified at 35%.

Sole Shareholder

A single individual or entity that holds all the shares of a corporation, essentially owning the company outright.

FMV

Stands for Fair Market Value, which is the price that property would sell for on the open market.

Taxable Gain

The portion of profit or income derived from selling an asset that is subject to taxation.