On December 20, 2014, Thomas, the CEO of Lifetime Corporation

question 33

Multiple Choice

On December 20, 2014, Thomas, the CEO of Lifetime Corporation issues a $10,000 bonus check to Ana Maria. Thomas asks Ana Maria to hold the check until at least January 4, 2015, when there will be enough deposits to cover the check. Ana Maria is not required to recognize the $10,000 in 2014 because of which of the following?

• A) Claim-of-Right Doctrine.
• B) Substance-Over-Form Doctrine.
• C) Entity Concept.
• D) Constructive Receipt Doctrine.
• E) Arm's Length Transaction Concept.

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Definitions:

Decedent

A term for a person who has died, often used in legal contexts, especially in matters of estate and inheritance.

Will

A legal document in which a person states how he or she wants property and possessions distributed after death.

Assets

Resources with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.

Family

A social unit consisting of parents and their children, considered as a group, whether dwelling together or not; the traditional concept extends to include relatives.