A Compulsory Share Exchange Requires Approval from the Board of Directors

question 37

True/False

A compulsory share exchange requires approval from the board of directors of each corporation, but not shareholders of either corporation.

---

Definitions:

Passenger Autos

Vehicles designed for personal use, including cars, vans, and some light trucks.

Section 179

A tax code provision allowing businesses to deduct the full purchase price of qualifying equipment or software within the tax year.

Schedule C

A tax form used by sole proprietors to report profits or losses from a business.

Sole Proprietor

An individual who owns and operates a business alone, bearing sole responsibility for its debts and liabilities.