1.Under the Sales Article of the UCC, which of the following statements is correct regarding a seller's obligation under a F.O.B. destination contract?
 
　　a.The seller is required to tender delivery of conforming goods to a carrier who delivers to a destination specified by the buyer.
 
　　b.The seller is required to tender delivery of conforming goods at a specified destination.
 
　　c.The seller is required to tender delivery of conforming goods at the buyer's place of business.
 
　　d.The seller is required to arrange for the buyer to pick up the conforming goods at a specified destination.
 
　　2.Jackson Corp., a calendar year corporation, mailed its Year 1 tax return to the Internal Revenue Service by certified mail on Friday, March 11, Year 2. The return, postmarked March 11, Year 2, was delivered to the Internal Revenue Service on March 18, Year 2. The statute of limitations (for assessments) on Jackson's corporate tax return begins on:
 
　　a.December 31, Year 1.
 
　　b.March 16, Year 2.
 
　　c.March 18, Year 2.
 
　　d.March 11, Year 2.
 
　　3.In 2012, Golden bought 100 shares of a listed stock for $5,000. In June 2015, when the stock’s fair market value was $7,000, Golden gave this stock to his sister, Lucy. No gift tax was paid. Lucy died in October 2015, bequeathing this stock to Golden, when the stock’s fair market value was $9,000. Lucy’s executor did not elect the alternate valuation. What is Golden’s basis for this stock after he inherits it from Lucy’s estate?
 
　　A. $0
 
　　B. $5,000
 
　　C. $7,000
 
　　D. $9,000
 
　　4.Which of the following events will release a noncompensated surety from liability to the creditor?
 
　　A.The creditor was adjudicated incompetent after the debt arose.
 
　　B.The creditor failed to notify the surety of a partial surrender of the principal debtor's collateral.
 
　　C.The principal debtor exerted duress to obtain the surety agreement.
 
　　D.The principal debtor was involuntarily petitioned into bankruptcy.
 
　　Answer:
 
　　1.B
 
　　Choice "B" is correct. Under an F.O.B. destination contract, the seller has the risk of loss until he places conforming goods into the buyer's hands at the named destination, not necessarily the buyer's place of business.
 
　　2.B
 
　　Choice "B" is correct. The Year 1 return of a calendar year corporation is due on March 15, Year 2, so the statute of limitations begins on the next day, March 16, Year 2.Rule: The statute of limitations for assessments runs from the date of the filing of the return, or, if later, the due date of the return.
 
　　3.B
 
　　This answer is correct. A special rule applies if a decedent (Lucy) acquires appreciated property as a gift within 1 year of death and this property passes back to the donor (Golden) or the donor’s spouse. When this occurs, the beneficiary’s basis is the basis of the property in the hands of the decedent before death, rather than fair market value at date of death. Since Lucy had received the stock as a gift, her basis before death was $5,000, which then becomes the basis of the stock to Golden.
 
　　4.B
 
　　Choice "B" is correct. A noncompensated surety will be discharged from liability if the principal debtor and the creditor modify the terms of the contract in any way. A partial surrender of the debtor's collateral is a modification that will release a noncompensated surety from liability.Choice "d" is incorrect. One of the reasons creditors seek sureties is to have someone who can pay the debt if the principal debtor goes bankrupt. Bankruptcy of the principal debtor will not discharge the surety. Choice "a" is incorrect. The creditor becoming incompetent after the debt arose has no bearing on the liability of either the debtor or the surety.Choice "c" is not as good an answer as "B". The principal's duress will discharge the surety's obligation only if the creditor knew about the duress when the creditor accepted the surety.
 
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