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Legal Concepts8) Anticipatory repudiation occurs when one contracting party informs the other that he or shewill not perform his or her contractual duties when due.

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Jen & John each own 50% of JJ, Inc. (100 shares each). Jen contributes $40,000 of additional appreciated property (tax basis of $25,000) in exchange for an additional 20 shares. John contributes $75,000 of additional appreciated property (tax basis of $55,000) in exchange for an additional 30 shares and a car worth $15,000 ($10,000 basis in the hands of the corporation). What is John's basis in the 30 shares and the car he received?a)$60,000 stock basis; $10,000 car basisb)$60,000 stock basis; $15,000 car basisc)$55,000 stock basis; $10,000 car basisd)$55,000 stock basis; $15,000 car basis

In a qualifying Section 351 transaction, Sarah transferred a building to Handle Co. in exchange for 100% of its stock. At the date of transfer, the building had a basis of $200,000, a fair market value of $225,000, and was subject to a liability of $210,000, which the corporation assumed. How much gain does Sarah recognize, and what is her basis in the shares of stock that she received?a)$10,000 recognized gain; $210,000 stock basisb)$25,000 recognized gain; $0 stock basisc)$10,000 recognized gain; $0 stock basisd)$0 recognized gain; $200,000 stock basis

Ryan was born and raised in North Carolina. At 18, he goes off to college in New York. After four years, he graduates and he gets a four-year contract to work at a New Jersey video game company after which time he plans to see how he likes the company and living in New Jersey. At the end of the contract, he's in the middle of applying for a one year government fellowship in Michigan at which point he plans to look for another permanent position, this time in California. While still living in New Jersey, he gets into a hang gliding accident (he's playing a game on his laptop at the same time he is steering the hang glider) and crashes into Cordelia (domiciled in North Carolina). After he moves to Michigan for the fellowship, Cordelia sues him for $100,000 in Michigan federal court. Working with a neighbor, you need to decide whether there would be diversity jurisdiction in this case. You should consider both Mas v. Perry and Gordon v. Steele in formulating your answer.

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