Patrick,an Attorney,is the Sole Shareholder of Gander Corporation

question 93

Multiple Choice

Patrick,an attorney,is the sole shareholder of Gander Corporation.Gander is a PSC with a fiscal year ending October 31.The corporation paid Patrick a salary of $360,000 during its fiscal year ending October 31,2008.How much salary must Gander pay Patrick during the period November 1 through December 31,2008,to permit the corporation to continue to use its fiscal year without negative tax effects?

• A)$0.
• B)$30,000.
• C)$60,000.
• D)$120,000.
• E)None of the above.

Grasp the concept of ratification, including express and implied forms, and its effect on contracts entered into by minors.

Learn the circumstances under which a minor is considered emancipated and the legal consequences thereof.

Understand the legal definitions and implications of terms such as "in pari delicto" and "exculpatory clauses."

Identify legal requirements and limitations regarding the capacity to enter into contracts, including education and age criteria.