Corporate Finance Quiz
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DataSoft Inc. filed for Chapter 11 bankruptcy six months ago. During the bankruptcy proceeding, the company incurred $2 million in legal fees, $500,000 in investment banker fees for restructuring advice, and $300,000 in ordinary course business expenses. Pre-petition, the company owed $1 million in employee wages and $800,000 in quarterly tax payments that were due but unpaid at the time of filing.
In the distribution waterfall, which of these claims will receive the highest priority treatment?
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