Business, 03.12.2019 02:31, pampam49

On july, 1988, white, a sole proprietor, was involuntarily petitioned into bankruptcy under the liquidation provisions of the bankruptcy code. white's nonexempt
property has been converted to $13,000 cash, which is available to satisfy the following claims:
unsecured claim for 1986 state income tax : $10,000
fees owed to best & co., cpas, for rendered from april 1, 1988, through june 30, 2008 : $6,000
unsecured claim by stieb for wages earned as an employee of white during march 1988 : $3,000
there are no other claims.
what is the maximum amount that will be distributed for the payment of the 1986 state income tax?
a. $4,000
b. $5,000
c. $7,000
d. $10,00

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On july, 1988, white, a sole proprietor, was involuntarily petitioned into bankruptcy under the liqu...