Q1 - Eton owns Fast Freight Company. He uses the firms funds to pay his personal expenses, creates Go Trucking Inc. to engage in the same business, transfers Fast Freights assets to Go Trucking, and petitions Fast Freight into bankruptcy. This most likely warrants

a. a pierce of the corporate veil.

b. a bonus to Eton for effectively eliminating the firms debts.

c. a discharge for Fast Freight in bankruptcy.

d. the application of the doctrine of corporation by estoppel to Go Trucking.

Q2 - A S Corporation (S Election) accomplishes which one of the following for the Corporation

a Avoids all taxation

b Avoids Federal Taxation by passing it through to its shareholders or members

c Avoids State and Federal taxation for the member or shareholder

d Avoids State taxation for the corporation in most states