Which of the following is true with respect to a debtor’s debts in bankruptcy? a. Some debt has…
Which of the following is true with respect to a debtor’s debts in bankruptcy?
a. Some debt has priority over other debt.
b. No debts of a debtor are ever paid even partially in a bankruptcy.
c. All debts are treated the same without priority,
d. All tax debt is dischargeable.
At a yard sale, you purchase an authentic deed of Thomas Edison’s purchase of his residence. Because of its historical importance, the deed is worth more than $100,000. Which of the following is true?
a. The deed is considered real property because paper is made from wood
b. The deed is considered intangible personal property.
c. The deed is considered tangible personal property because it is paper.
d. The deed has no value because it is no longer owned by Thomas Edison
