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Lincoln Corporation had operating income of $395,000, operating expenses of $280,000, a dividend received of $60,000, a capital loss of $10,000, a capital gain of $25,000 and a dividend received deduction of $30,000. What is Lincoln Corporation’s income tax liability for the year?

John Quincy transfers property ($200,000 FMV; $190,000 A/B) to a newly formed corporation in a transaction that qualifies under §351. John Quincy receives stock with a FMV of $180,000 and $20,000 cash. John Quincy’s basis in the stock is

James transfers property with a basis of $12,000 and a fair market value of $17,800 to Garfield Corporation in exchange for stock with a fair market value of $12,000 and $3,920 in cash. Garfield Corporation assumed a liability of $1,880 on the property transferred. Assume the transaction qualifies for §351. What is Garfield Corporation’s basis in the property received in the exchange?

If the defense attorney on cross-examination asks the officer to express an opinion, the officer should delay answering to allow the prosecution an opportunity to object.

Officer Notts is testifying in court. The defense attorney asks, “Why are you here today?”What is the proper response?

Officers should not discuss anything about the case in public or where your conversation might be overheard.

The prosecutor is responsible for ensuring that all physical evidence pertinent to the case will be available at the time of trial.

What type of witness has personal knowledge of events pertaining to a case and can only testify to things he or she personally has observed?

One typical defense ploy is to attack the ________ of the officer by highlighting any inconsistencies between the testimony given by the officer and what is reflected in the official report.

Which of the following is an example of legal court testimony given by a “fact witness”?