In 2012, Theresa Was in an Automobile Accident and Suffered

question 75

True/False

In 2012, Theresa was in an automobile accident and suffered physical injuries.The accident was caused by Ramon's negligence.In 2013, Theresa collected from his insurance company.She received $15,000 for loss of income, $25,000 punitive damages, and $8,000 for medical expenses which she had deducted on her 2012 tax return (the amount in excess of 7.5% of adjusted gross income).As a result of the above, Theresa's 2013 gross income is increased by $33,000.

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Certificate of Authority

A document issued by a state government granting a company permission to do business in that state as a foreign (out-of-state) entity.

Charter

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Promoters of a Corporation

Individuals or entities involved in the creation and organization of a corporation, including raising capital and completing legal formalities before registration.

Formal Documents

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