Longhorn Company Reports Current E&P of $100,000 in 20X3 Anda

question 112

Multiple Choice

Longhorn Company reports current E&P of $100,000 in 20X3 anda deficit of ($200,000) in accumulated E&P at the beginning of the year. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder's tax basis in his stock in Longhorn is $100,000. How is the distribution treated by the shareholder in 20X3?

• A)$300,000 dividend
• B)$100,000 dividend, $100,000 tax-free return of basis, and $100,000 capital gain
• C)$100,000 dividend and $200,000 tax-free return of basis
• D)$0 dividend, $100,000 tax-free return of basis, and $200,000 capital gain

Understand the importance of patient consent and ethical considerations in blood collection.

Recognize the uses and handling procedures of different blood collection tubes and their additives.

Understand the physiological responses to blood collection and appropriate responses to patient reactions.

Identify the correct management of blood specimens following collection.

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Definitions:

Innocent Misrepresentation

A type of misrepresentation in legal contexts where the person making the misrepresentation genuinely believes it to be true, lacking intent to deceive.

Unilateral Mistake

A legal term describing a situation where only one party to a contract is mistaken about a basic assumption on which the contract is based.

Innocent Misrepresentation

A false statement made without knowledge of its falsity, not intended to deceive, which can lead to a contract being voided if relied upon by the other party.

Rescission

The legal remedy of canceling, terminating, or annulling a contract and restoring the parties to their original positions as if the contract had never been made.