Warranties of a Person Obtaining Payment or Acceptance of an Unaccepted

question 67

Multiple Choice

Warranties of a person obtaining payment or acceptance of an unaccepted draft include:

• A) the warrantor is a person entitled to enforce the draft.
• B) the warrantor has no knowledge that the drawer's signature is unauthorized.
• C) the draft has not been altered.
• D) All of these are correct.

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of a taxpayer's income is taxed, indicating the rate of tax applied to your highest level of income.

Federal Tax Legislation

Laws passed by the United States Congress that relate to taxes imposed by the federal government.

Senate Finance Committee

A powerful committee in the United States Senate that deals with matters related to taxation, revenue, and other financial policies.

Form 1040EZ

Form 1040EZ was a simplified tax form for individuals with uncomplicated tax situations, but it is no longer in use as of 2018.