Civil Law Questions

Can a state court hear a case when the defendant brings an equitable counterclaim?

Venue in a divorce or alimony case where D is a nonresident

What provides the statutory basis for in rem and quasi in rem actions?

Does MDJLE apply if any D is a nonresident of Ga?

In what types of cases is there jurisdiction over a corporation under the long arm statute?

Venue in divorce or alimony case when D is a Ga resident

Is an action involving a lease a local action?

Is there a vanishing venue problem for nonresident D where the Georgia co-D wins a verdict on judgment at trial

The most common type of damages in a contract case are:

Jack and Jill enter into a contract. If both perform all of the requirements of the contract satisfactorily, the contract is:

Austin is following Peter's instruction in an agency relationship. Peter has given Austin the specific instructions to drive the car the most direct route using interstate highways when possible. Austin is driving from Houston to Los Angeles. When Austin arrives in El Paso the interstate is closed due to bad weather so he takes an alternate route. Austin is using:

Tony Corp. acquired land in a Section 351 tax-free exchange in 2013. At that time, the land had a basis of $290,000 and a fair market value of $350,000. Tony Corp. has two shareholders, Jan 55% and Alan 45%, who are unrelated to each other. In 2016, Tony Corp. adopts a plan of liquidation. During that year and pursuant to the liquidation, the corporation distributes the land (pro rata) to Jan and Alan when the value of the land is $270,000. What amount of gain or loss does Tony Corp. recognize on the distribution of the land?a)$60,000 gainb)$20,000 lossc)$9,000 lossd)No recognized gain or loss

A contract where one party has performed completely, but the other party has not can best be described as a/an

Tutu Corp. acquired land in a Section 351 tax-free exchange in 2013. At that time, the land had a basis of $200,000 and a fair market value of $180,000. Tutu Corp. has two equal shareholders, Joan and Ashley, who are unrelated to each other. In 2016, Tutu Corp. adopts a plan of liquidation. During that year and pursuant to the liquidation, the corporation distributes the land to Joan when the value of the land is $150,000 and distributes cash of $150,000 to Ashley. What amount of gain or loss does Tutu Corp. recognize on the distribution of the land?a)$30,000 lossb)$50,000 lossc)$20,000 lossd)No recognized gain or loss

Which of the following statements is true regarding the effect of a redemption on a corporation?a)Qualified stock redemptions do not impact a corporations E & P balance.b)If property other than cash is used for a redemption, the corporation recognizes gain or loss on the distributed property.c)If property is distributed that is subject to a liability in excess of the property's fair market value, then the liability amount is used to calculate the corporation's recognized gain.d)The corporation may deduct the expenditures incurred related to the stock redemption.

Which of the following interests is not permitted for ten years when making a family attribution waiver under a "complete termination redemption"?a)Lenderb)Shareholder by bequestc)Creditord)Non-executive employee

SoSo Co., a calendar year C-corp., has a beginning of year accumulated E & P balance of $30,000 and current year E & P deficit of $12,000. On June 30, the corporation makes a $29,000 distribution to its sole shareholder. How much of this distribution is considered a dividend to the shareholder?a)$29,000b)$28,000c)$30,000d)$24,000

A C-corporation with a $100,000 E & P balance before distributions made a year-end distribution of land to its sole shareholder. The land distributed has a $150,000 fair market value and a $130,000 basis. The shareholder's basis in his shares of stock is $10,000 before the distribution. Which of the following statements is false?a)The corporation's E & P balance after the distribution is $0.b)The shareholder recognizes $100,000 of dividend income.c)The corporation must recognize a $20,000 gain.d)The shareholder recognizes $20,000 of capital gain.

Stock attribution rules apply to certain types of stock redemptions. These rules state that an individual is deemed to own the stock owned by certain members of his or her family. Which of the following is not included in the definition of family for these purposes?a)Parentsb)Spousec)Siblingsd)Children

A C-corporation with a $200,000 E & P balance before distributions made a year-end distribution of land to its sole shareholder. The land distributed has a $90,000 fair market value, a $70,000 basis, and is subject to a $95,000 liability which is also assumed by the shareholder. Which of the following statements is true?a)The shareholder recognizes $95,000 of dividend income.b)The corporation must recognize a $20,000 gain.c)The shareholder's basis in the land received is $95,000.d)The shareholder recognizes $90,000 of dividend income.