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Test: CPA Regulation (REG)
1. | Sharon sells her two-year-old convertible to her father for $200. The next week, Sharon files for bankruptcy under Chapter 7. Regarding the sale of the car, the trustee may: |
Cancel it as a voidable preference.
Cancel it as a fraudulent transfer.
Not cancel it because it is a sale, not a gift.
Not cancel it, but can sue Sharon’s father for the return of the $200.
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