Laurie owns land that serves as security for a $60,000 mortgage. Her basis in the land is $20,000 and the fair market value is $50,000. Laurie is not personally liable for the loan. The bank forecloses on the property. What is the tax consequence to Laurie? A. Laurie recognize income in the amount of his discharge of indebtedness; $60,000.
B. Laurie has a gain on the transfer and must recognize income of $40,000.
C. Laurie has $40,000 of income; a gain of $30,000 on the transfer and discharge of indebtedness of $10,000.
D. Both (a) and (b).
E. None of the above.

If the guide wprds on the page are "crochet " and "crossbones", which words would not be on the page. criticize, crocodile,croquet,crouch,crocus.

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.

Akika corporation started as a small firm and has grown substantially in the past decade. its interests span from electronics to real estate and aviation. akika's board of directors have now decided to create independent business units for and categorize the actions performed under each domain. each business unit will have distinct roles and responsibilities. which of the 14 principles of fayol does this exemplify?