Dogg Corporation, Katt Corporation, and Rabitt Corporation Are Equal Partners

question 13

Multiple Choice

Dogg Corporation, Katt Corporation, and Rabitt Corporation are equal partners in Critter Partnership. The partner's fiscal year ends follow: Dogg Corporation February 28 Katt Corporation May 31 Rabitt Corporation August 31 Which of the following statements is are) correct? I. Critter Partnership may elect to use any of the three dates that the partners use. II. Critter Partnership must use the tax year of the partner that creates the least amount of deferral.

• A) Only statement I is correct.
• B) Only statement II is correct.
• C) Both statements are correct.
• D) Neither statement is correct.

Identify different types of insurance and how general principles of insurance law apply to them.

Analyze legal issues involved in insurance claims related to misrepresentations and their impact on the validity of the insurance contract.

Understand the concept of indemnity in insurance and how it prevents profiting from insurance claims.

Explain the legal aspects and implications of specific conditions in insurance policies.

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Definitions:

Corporation by Estoppel

A legal doctrine that prevents a party from denying the corporate status of an entity when they have treated it as a corporation.

De Facto Corporation

A company treated as legally incorporated, despite not having completed all required incorporation procedures, based on its actions or intentions to operate as a corporation.

De Jure Corporation

A corporation that has been lawfully established following the required statutes.

Redemption

The act of recovering ownership of something by paying a specified sum.