11.Matt is planning to file for bankruptcy within 60 days. He wants to keep some of his property, so he gives certain jewelry to his parents, with the understanding that they will return it later. Also, Matt sells his car, worth $5,000 to his girlfriend for $500. These transfers are:

Select one:

a.

Preferential Transfers

b.

Voidable Preferences

c.

Fraudulent Conveyances

d.

Legitimate distributions of assets.

12.

Generally, officers of a corporation:

Select one:

a.

Are elected by the shareholders.

b.

May act as agents of the corporation, if given expressed, implied, and/or apparent authority.

c.

May declare dividends or other distribution

14.

A court is most likely to pierce the corporate veil and hold its shareholders personally liable if.

Select one:

a.

A sole proprietor incorporates his or her business solely to limit his or her personal liability.

b.

A corporation has elected under Chapter S of the IRC not to pay any corporate tax on its income.

c.

The shareholders have commingled their personal funds with those of the corporation.

d.

The shareholders are also corporate officers, directors or employees.

e.

Two of the above are correct.