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Business Law
Rovell wrote a check to Pretty Eyes Detective Agency for $10,000 too much ($38,250). A staff member for Rovell gave a stop payment order and then issued a new check ($27,284.50). But the staff member
Adam Paul Strege (APS) opened a checking account at U.S. Bank. Just below his signature card for the account, he wrote, "Call if I bounce a check." APS bounced several checks, and each time U.S. Bank
Crown Corporation has borrowed $16,000,000 from Third Bank. Third Bank required four sureties for the loan. The sureties are as follows: Andover $4,000,0000 Busch $8,000,0000 Chapman
On May 16, 2003, Sari Smith filed a class-action lawsuit in Cook County, Illinois, against J.M. Smucker Co. on behalf of "[a]ll purchasers in the United States of America of spreadable fruit products
In December 2008, Corey and Jamie Baker purchased a TV from Best Buy as well as a four-year service contract for the TV. In November 2010, Best Buy determined that the problems the Bakers were having
Carol Cott, doing business as Carol Cott Fashions, is worried about an involuntary bankruptcy proceeding being filed by her creditors. Her net worth, using a balance sheet approach, is $8,000
Okamoto owed money to Hornblower & Weeks- Hemphill, Noyes (a law firm and hereafter Hornblower). Hornblower filed an involuntary bankruptcy petition against Okamoto, who moved to dismiss the petition
Kentile sold goods over an extended period of time to Winham. The credit relationship began without Winham's being required to furnish a financial statement. After a time, payments were not made
Mr. Keyes was injured on April 30, 2010, when he fell off Ms. Thibodeaux's roof. Mr. Keyes was cleaning and measuring the roof in preparation for painting when, unbeknownst to him, Ms. Thibodeaux
Spector owned a small automobile repair garage in rural Kansas that was valued at $80,000. He purchased fire insurance coverage against loss to the extent of $48,000. The policy contained an 80
Gerhard Schillers was assisting his friend J.L. Loethen in removing a transmission from the bed of the Loethens' truck on the Loethens' property. While Schillers was carrying the transmission down
Real estate broker Donald Alley Sr. had a listing contract that gave him the exclusive right to sell Wayman Ellison's farm for at least $200,000. Ellison was told that a buyer was found. The buyer,
Judith Studebaker was injured when a van owned and driven by James Ferry collided with her vehicle. On the morning of the incident, Ferry made his usual runs for the florist for whom he delivered
Craig Industries was in the business of manufacturing charcoal. Craig, the corporation's president, contracted in the name of the corporation to sell the company's plants to Husky Industries. Craig
Robert Evjen was a full-time employee of Boise Cascade Co. At the same time, he was a full-time student at Chemata Community College. He was laid off as part of a general economy move by the
Manuel Fragante applied for a clerk's job with the city and county of Honolulu. Although he placed high enough on a civil service eligibility list to be chosen for the position, he was not selected
The Girl Scouts of the United States (GSUSA) is led by the National Council. Local councils are governed by their own independent board of directors and employ their own officers and professional
Jerome, Sheila, Gary, and Ella agreed to purchase a tract of land and make it available for use as a free playground for neighborhood children. They called the enterprise Meadowbrook Playground.
Morris Friedman was president of Tiny Doubles International, Inc. He sold business opportunities for Tiny Doubles Studios, which made small photographic statues of people for customers. Friedman was
A woman claimed that she was sexually harassed by a male coworker at the franchisee's pizza store. She sued not only the harasser and the franchisee but also the franchisor, Domino's, claiming that
After graduating from Vanderbilt University with a degree in economics, James Pettes worked for Video Magic, a video rental business. In 1987, Dr. Gordon Yukon, a pediatrician, wanted to invest in a
Two brothers, Eugene and Marlowe Mehl, formed a partnership to operate the family farm. One year, Eugene Mehl withdrew $7,200 from the partnership account and bought the Dagmar Bar. The warranty deed
Summers and Dooley formed a partnership to collect trash. Summers became unable to work and he hired a third man to do his work and paid him out of his personal funds. Summers suggested to Dooley
What is the principal advantage of an LLP over an LLC?
Gilroy, Sims & Associates, Ltd., was a limited partnership engaged in real estate development. The original general partners were Richard Gilroy and William Sims. Thomas Green and John Murphy, Jr.,
Clinton Investors Company, as landlord, entered into a three-year lease with the Clifton Park Learning Center as tenant. The lease was executed by Bernie Watkins who represented himself as the
North Pole, Inc., approved a plan to merge with its subsidiary, Santa's Workshop, Inc. The merger plan provided that certain of Workshop's shareholders would receive $3.50 per share. The highest
Equivest, a partnership, owned 10,000 shares of Altec International, Inc. Equivest pledged these shares to secure loans by Lloyds Bank. Sometime after pledging the stock, Equivest transferred
U.S. Die Casting, Inc., is a closely held Ohio corporation that owns 5 percent of Security First Corporation, a Delaware corporation. David Slyman is the president of U.S. Die and its sole
Lawrence D. Polizzotto, a former vice president at First Solar Inc., spoke in one-on-one phone calls with some analysts and investors. He stated that the company was unlikely to receive a
10. McGladrey conducted a financial audit of Subspecialty Centers of America, LLC (SCA). SCA is owned by Dr. Mark S. Weinberger, an ear, nose, and throat surgeon. The audit was for the year ending
Henry Hatfield, CPA, was hired to prepare audited financial statements for Happy Campers, a nonprofit organization providing summer camp scholarships for inner-city, low-income children. The
What are an accountant's obligations if he or she knows a client is violating the terms of a contract with a third party?
The majority shareholder and president of Dunaway Drug Stores, Inc., William B. Dunaway, was structuring and executing the sale of virtually all of the corporation's assets to Eckerd Drug Co. While
Christine and Steve Mallock buried their son in a burial plot purchased at Southern Memorial Park, Inc. Each year the Mallocks conducted a memorial service for their son at his burial plot. On the
Harald Dude's real estate dealings began breaking bad in 2003. After securing a $1.9 million loan from Washington Mutual on a house he owned in Aspen, Mr. Dude quickly sought to borrow another
A zoning ordinance of the city of Dallas, Texas, prohibited the use of property in a residential district for gasoline filling stations. Lombardo brought an action against the city to test the
The EPA has increased its BACT standards to impose greenhouse gas emissions standards for passenger cars, light-duty trucks, and medium-duty passenger vehicles and all businesses that emit greenhouse
Suzanne Andres was injured when she fell from the balcony of her second-floor apartment in the Roswell-Windsor Village Apartments. Andres was leaning against the railing on the balcony when it gave
Williams, an elderly man who was sensitive to heat, rented an apartment in the Parker House. His apartment was fully air-conditioned, which enabled him to stand the otherwise unbearable heat of the
Jennifer Sanchez and her three children lived in a two-story townhome operated by CAA (the Cincinnati Community Action Agency). CAA is a nonprofit entity that provides housing for single mothers in
On June 21, 1997, Julio Ramos was helping his cousin move out of a second-floor apartment. He positioned himself on the outer side of the second floor balcony railing, his feet between its spindles,
A tenant leased an apartment in which so much noise emanated from surrounding apartments late at night and in the wee hours of the morning that he could not get much sleep. The tenant brought suit
After an eleven-month struggle with esophageal cancer, Leonard R. Brener died on December 8, 2001, at age 85. He had never married. He had no children. He had a long and successful career as a
Jeanette Wall worked for D. J. Sharron for many years. Sharron executed a will, leaving his entire estate to Jeanette. He re-executed the same will sometime thereafter with the same provisions.
James Horne's will provides that his estate is to be distributed to his heirs per capita. Upon his death, two of his three children are surviving and his deceased child left two children (James's
Miller wrote a will that was 11 pages long and enclosed it in an envelope, which she sealed. She then wrote on the envelope "My last will & testament" and signed her name below this statement. This
Clever, Inc., is a car manufacturer. Its 2008 income statement is as follows: Clever, Inc.Income Statement For the Year Ended December 31, 2008 Sales
1. Based on this information, do you believe Publishers Clearing House has committed fraud? 2. Why or why not? Publishers Clearing House agreed to pay $34 million in a deal with 26 states to settle
What is conversion? Discuss.
Based on this information, do you have any reason to believe that ABC is underreporting its liabilities? Discuss symptoms you looked for and the results of your analysis. Estimate the extent to which
Prepare a project plan for implementing the six-step data-driven approach. List the types of team members who should be involved in each step, how long each step will take, and cost estimates for
1. Coordinate an investigation in a manner that would not arouse suspicion from Cummings and Baptiste. 2. Create a vulnerability chart to coordinate the various elements of the possible fraud. By the
What were the schemes that Rite Aid used to inflate its profits?
1. Calculate the 2008 and 2007 liquidity ratios identified in the table below. Also calculate the change and the percentage change for the ratios and complete this table. (Formulas are given to
1. What important internal controls were ignored when LJM1 was created? 2. How might Enron's harsh Performance Review Committee have aided company executives in committing the fraud? 3. The fraud at
1. The Securities and Exchange Commission is often called the "watchdog" of corporate America. How does it assist in preventing fraud? 2. According to the summary, why did the Waste Management
1. Suppose you are an accountant for pre-fraud WorldCom. You have just been instructed by the CFO to alter specific company accounts in order to boost the company's numbers before fourth quarter
1. What do you think made the faculty member believe this was a Ponzi-type scheme? 2. What is the annual return the scheme operators were promising on investments in this scheme? 3. Why do you think
Who usually initiates the filing of an application for retention of an investigator?
What is the Criminal Investigation Division of the IRS?
What is a password?
1. Where have you seen security through obscurity employeed (other than a key under the doormat at home)? 2. Did it work? 3. How did it make the situation more or less secure?
Describe two ways that the information available from the checkpoint citator differs from that available from the intelliconnect citator?
List the two classifications of written advice under Treasury Department Circular 230?
Clay, who was single, died in 2014 and has a gross estate valued at $8,500,000. Six months after his death, the gross assets are valued at $9,000,000. The estate incurs funeral and administration
In 2013, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not
In April 2014, Dan is audited by the IRS for the year 2012. During the course of the audit, the agent discovers that Dan's deductions for business travel and entertainment are unsubstantiated and a
In 2014, Dick, Evan, and Fran form Triton Corporation. Dick contributes land (a capital asset) having a $50,000 FMV in exchange for 50 shares of Triton stock. He purchased the land in 2012 for
In 2014, Ed, Fran, and George form Jet Corporation. Ed contributes land (a capital asset) having a $35,000 FMV purchased as an investment in 2010 for $15,000 in exchange for 35 shares of Jet stock.
Hal attended school much of 2014, during which time he was supported by his parents. Hal married Ruth in December 2014. Hal graduated and commenced work in 2015. Ruth worked during 2014 and earned
On January 10, 2014, Mary transfers to Green Corporation a machine purchased on March 3, 2011, for $100,000. On the transfer date, the machine has a $60,000 adjusted basis and a $110,000 FMV. Mary
Jim and Pat are married and file jointly. In 2014, Jim earned a salary of $46,000. Pat is self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each
In 2010, Harry and Mary purchased Series EE bonds, and in 2014 redeemed the bonds, receiving $500 of interest and $1,500 of principal. Their income from other sources totaled $30,000. They paid
In 2014, Ace Corporation reports gross income of $200,000 (including $150,000 of profit from its operations and $50,000 in dividends from less-than-20%-owned domestic corporations) and $220,000 of
During 2014, Gary earned $57,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds,
On January 5, 2014 Rita left the United States for Germany, where she had accepted an appointment as vice president of foreign operations. Her employer, USA Corporation, told her the assignment would
In 1996, Jose acquired 1,000 shares of Acorn Corporation common stock by transferring property with an adjusted basis of $1,000,000 and fair market value of $4,000,000 for 100% of the stock. Acorn
Pat was divorced from her husband in 2009. During the current year she received alimony of $18,000 and child support of $4,000 for her 11-year-old son, who lives with her. Her former husband had
Acorn Corporation, a company that purchases malt barley from farmers and sells it to brewers, is interested in determining whether a new variety of barley will grow successfully in the Pacific
Donna files as a head of household in 2014 and has taxable income of $90,000, including the sale of a stock held as an investment for two years at a gain of $20,000. Only one asset was sold during
December 31, 2013, Phil purchased $20,000 of newly issued bonds of Texas Corporation for $16,568. The bonds are dated December 31, 2013. The bonds are 9%, 10-year bonds paying interest semiannually
On January 1, 2012, Swen paid $184,000 for $200,000 of the 8%, 20-year bonds of Penn Corporation, issued on January 1, 2008, at par. The bonds are held as an investment. Determine the gain and the
During 2014, Gary receives a $50,000 salary and has no deductions for AGI. In 2013, Gary had a $5,000 STCL and no other capital losses or capital gains. Consider the following sales and determine
On February 10, 2014, Gail purchases 20 calls on Red Corporation for $250 per call. Each call represents an option to buy 100 shares of Red stock at $42 per share any time before November 25, 2014.
On January 1, 2013, Sean purchased an 8%, $100,000 corporate bond for $92,277. The bond was issued on January 1, 2013, and matures on January 1, 2018. Interest is paid semiannually, and the effective
In 2009, the Ryan Corporation sold a capital asset and incurred a $40,000 LTCL that was carried forward to subsequent years. That sale was the only sale of a capital asset that Ryan made until 2014,
During 2014, Kent, a single taxpayer, reports the following items of income and expense:Income:Salary ..................................................................... $150,000Dividends from Alta
During 2014, Angela sustains serious injuries from a snowskiing accident. She incurs the following expenses: Item Amount Doctor bills ...................................... $11,700 Hospital
In 2014, Charla, a single taxpayer with no dependents, was severely hurt in a farm accident. Charla is 38 years old. The accident left Charla's legs 85% paralyzed. After incurring $14,000 of medical
During 2014, Travis takes out a $40,000 loan, using stock he owns as collateral. He uses $10,000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks
During 2014, Doug incurs the following deductible expenses: $2,300 in state income taxes, $3,000 in local property taxes, $800 in medical expenses, and $2,000 in charitable contributions. Doug is 33,
During 2014, James, a single, cash method taxpayer incurred the following expenditures: Qualified medical expenses ............................ $8,000 Investment interest expense
On December 1, 2014, Rebecca Ward, a single taxpayer, comes to you for tax advice. At the end of every year, she donates $5,000 to charity. She has no other itemized deductions. This year, she plans
At the close of business on May 31, 2014, Alaska Corporation exchanges $2 million of its voting common stock for all the noncash assets of Tennessee Corporation. Tennessee uses its cash to pay off
In 2013, Mark purchased two separate activities. Information regarding these activities for 2013 and 2014 is as follows:The 2013 losses were suspended losses for that year. During 2014, Mark also
In 2014, Julie, a single individual, reported the following items of income and deduction: Salary ............................................................ $166,000 Interest income
During 2013, Becky loans her brother Ken $5,000, which he intends to use to establish a small business. Because Ken has no other assets and needs cash to establish the business, the agreement
During 2014, Karen, a single taxpayer, reports the following income and expense items relating to her interior design business: Revenues .............................. $52,000 Cost of goods sold
In 2011, Annie Cook and several family members formed Treehouse Rentals, Inc., in Denver, Colorado. Treehouse is a closely held C corporation engaged in the rental real estate business. Treehouse
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