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When does a re-dispense of a used LTC drug expire?
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- Carole, Karmen, and Charles formed ABC Corporation. Carole received 60 percent of the stock in ABC Corporation in exchange for appreciated property, Karmen received 30 percent of the stock in ABC Corporation in exchange for legal services, and Charles received 10 percent of the stock in ABC Corporation in exchange for cash.a. Must Carole recognize the gain she realized on her transfer of the appreciated property?b. Suppose that, instead of receiving the entire 30 percent of the ABC Corporation stock in exchange for legal services, Karmen received 10 percent of the ABC Corporation stock in exchange for her legal services and she received 20 percent of the ABC Corporation stock in exchange for cash (i.e., she transferred both services and property to ABC Corporation). Must Carole recognize gain on her transfer of appreciated property?
- Factual Application40) Kevin goes to the store to purchase a fully-automatic washing machine. He browses throughseveral models of washing machines but does not let the salespersons know that he wants a fullyautomaticmodel. While signing the sales contract, he does not notice that the model he ispurchasing is a semi-automatic machine. After purchase, which of the following options doesKyle have?A) Exchange the machine with a fully-automatic one and sue the store if its does not accept it.B) Demand a full cash refund from the store for fraud in concealment.C) Sue the store for its innocent misrepresentation.D) Keep the semi-automatic washing machine as he made a unilateral mistake.
- Legal Concepts24) If a seller does not disclose legal disputes involving the property being sold, he or she isliable for silence as misrepresentation.