Business, 08.03.2021 19:50 jwyapo4

Karen, a talent agent, has hit hard times and needs cash. She borrows $50,000 from her mom. In January 2018 , mom realizes that Karen will not be able to pay her back and forgives the $50,000 debt, telling her daughter she does not need to pay her back. Soon thereafter in February, Karen gives her mom her diamond necklace, valued at approximately $10,000 as a thank you gesture for forgiving the loan. Karen eventually files bankruptcy under Chapter 7 in May 2018. In her bankruptcy schedules she does not list her mom as a creditor nor does she list the transfer of the necklace to her mom. At a meeting of creditors, one of Karen’s creditor tells the Trustee about the necklace because he saw Karen wearing it. Karen explains that she gave it to her mother as a thank you for a loan that was forgiven and she just forgot to schedule it. 1. Does Karen or her mother have any exposure or risks arising out of these transactions? Will Karen get her discharge in bankruptcy?
2. What if Karen owns 100% of the stock in her talent agency, a California corporation. There are no employees; it is just Karen and her assistant. Can Karen keep the stock in her company under the Chapter 7?

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 20:30, jackiecroce1

Which of the following best describes the purpose of raising and lowering the required reserve ratio? a. to make sure that government spending does not result in either a surplus or deficit. b. to stimulate economic growth by making it less expensive for producers to get loans. c. to manage the economy by increasing or decreasing the amount of loans being made. d. to regulate the activity of private banks to assure an equitable distribution of wealth. 2b2t

Answers: 3

continue

Business, 21.06.2019 23:00, kimmmmmmy333

Assume today is december 31, 2013. barrington industries expects that its 2014 after-tax operating income [ebit(1 â€“ t)] will be $400 million and its 2014 depreciation expense will be $70 million. barrington's 2014 gross capital expenditures are expected to be $120 million and the change in its net operating working capital for 2014 will be $25 million. the firm's free cash flow is expected to grow at a constant rate of 4.5% annually. assume that its free cash flow occurs at the end of each year. the firm's weighted average cost of capital is 8.6%; the market value of the company's debt is $2.15 billion; and the company has 180 million shares of common stock outstanding. the firm has no preferred stock on its balance sheet and has no plans to use it for future capital budgeting projects. using the corporate valuation model, what should be the company's stock price today (december 31, 2013)? round your answer to the nearest cent. do not round intermediate calculations.

Answers: 1

continue

Business, 22.06.2019 17:30, Nikcoli

Which of the following services will be provided by a full-service broker but not by a discount broker? i. research of potential investment opportunities ii. purchase and sale of stock at your request iii. recommendation of investments a. i and iii b. ii only c. iii only d. i, ii, and ii

Answers: 2

continue

Business, 22.06.2019 22:20, PrisonKing3749

David consumes two things: gasoline (q 1) and bread (q 2). david's utility function is u(q 1, q 2)equals70q 1 superscript 0.5 baseline q 2 superscript 0.5. let the price of gasoline be p 1, the price of bread be p 2, and income be y. derive david's demand curve for gasoline. david's demand for gasoline is q 1equals nothing. (properly format your expression using the tools in the palette. hover over tools to see keyboard shortcuts. e. g., a subscript can be created with the _ character.)

Answers: 1

continue

You know the right answer?

Karen, a talent agent, has hit hard times and needs cash. She borrows $50,000 from her mom. In Janua...