Ten Years Ago a Corporation Purchased a Building for $160,000

question 104

Multiple Choice

Ten years ago a corporation purchased a building for $160,000.At that time,the corporation felt that the business was worth $185,000.The current market value of the business is $460,000.The building has been assessed at $435,000 for property tax purposes.At which amount should the corporation record the building in its accounting records?

• A)$160,000
• B)$185,000
• C)$435,000
• D)$460,000

Recognize the specific jurisdictions of various courts within the federal system (e.g., district, bankruptcy, probate).

Understand the concept of federal-question jurisdiction and diversity-of-citizenship jurisdiction.

Distinguish between cases that must be filed in federal courts and those that may be filed in state courts.

Recognize the roles of specific courts (e.g., probate court, bankruptcy court) in the judicial system.