Corn Candy Corporation (CCC)has a Right of Action Against Bio

question 1

Multiple Choice

Corn Candy Corporation (CCC) has a right of action against Bio Farms,Inc.CCC merges with Agri Sweeteners,Inc. ,with Agri absorbing CCC.After the merger,CCC's right of action against Bio Farms can be exercised by

• A)CCC.
• B)Agri Sweeteners.
• C)Bio Farms.
• D)no one.

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Definitions:

Quarterly Estimated Payments

Tax payments made each quarter by self-employed individuals and others who do not have taxes withheld from their income.

Estimated Payment

Periodic payments made towards expected tax liability before the due date to avoid penalties.

Subchapter S Corporation

A form of corporation that meets specific Internal Revenue Code requirements, offering the benefits of incorporated status while being taxed as a pass-through entity, avoiding double taxation.

Ordinary Loss

A loss incurred in the normal operation of a business that can be used to offset other types of income for tax purposes.