In Assessing Whether to Use a § 338 Election, Considerations

question 6

Multiple Choice

In assessing whether to use a § 338 election, considerations include

• A)Tax benefits resulting from the step-up in basis enabled by a § 338 election (e.g., increased depreciation) are deferred.
• B)When part of the basis is assigned to goodwill, no tax benefit is obtained until the acquired business is sold.
• C)Future tax savings being discounted to determine their present value
• D)All of the above

Understand the different types of deeds and their specific guarantees or lack thereof.

Recognize the legal requirements and effects of transferring title to land, including the necessity of deed delivery.

Comprehend the basics of mortgage law, including the rights and obligations of mortgagors and mortgagees.

Identify the protections and limitations of the Fair Housing Act and other anti-discrimination laws in real estate.

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Definitions:

Just-World Phenomenon

The cognitive bias to believe that the world is fair and people get what they deserve, which can influence judgments and social perceptions.

Social Attraction

The draw or appeal one individual feels towards another, influenced by factors like persona, interests, and physical appearance.

Familiarity Breeds Contempt

A phrase that implies excessive familiarity with someone or something can lead to a loss of respect for them or it.

Companionate Love

The deep affectionate attachment we feel for those with whom our lives are intertwined.