Classify Each of the Following Statements

question 33

Multiple Choice

Classify each of the following statements:
-Under her father's will, Faith is to receive 10,000 shares of GE common stock. Ten months after her father's death, Faith disclaims 10,000 shares.

• A)No taxable transfer occurs.
• B)Gift tax applies.
• C)Estate tax applies.

Comprehend the structure and importance of corporate bylaws in internal management.

Interpret the legal outcomes of defective incorporation and the concept of de facto and de jure corporations.

Evaluate circumstances under which courts may pierce the corporate veil.

Examine the significance of novation in releasing individuals from liabilities in pre-incorporation contracts.

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Definitions:

Abuses of Power

Situations where individuals in positions of authority use their power in ways that are unethical, unfair, or harmful to others.

NLRB

The National Labor Relations Board, a US federal agency responsible for enforcing labor laws in relation to collective bargaining and unfair labor practices.

Sentencing Violators

The act of imposing a judicial determination on individuals or entities that have been found guilty of breaking laws or rules.

Fines

Fines are monetary penalties imposed as punishment for an infringement or violation of laws, regulations, or rules.