1. Dorothy deeded an acre of real estate that sheowns to Tin Man for the life of Lion and then toGlenda. Fully describe the property interests ofDorothy, Tin Man, Lion, and Glenda.2. In Question 1, assume that Tin Man moves into ahouse on the property. During a tornado, the roof isdestroyed and a window is smashed. Who isresponsible for repairing the roof and window?Why?3. Rod likes to spend his weekends in his backyard,shooting his rifle across his neighbor's yard. If Rodnever sets foot on his neighbor's property, and if thebullets strike neither persons nor property, has heviolated the legal rights of the neighbor? Explain.4. Elmo enters into a contract to purchase theBrooklyn Bridge from Bird. The contract providesthat Bird is to give Elmo a quitclaim deed at theclosing. After the closing, Elmo learns that Bird didnot own the bridge and sues him for violating theterms of the deed. Will Elmo be successful in hislawsuit against Bird? Why or why not? What typeof deed best protects a buyer and why?5. A and B jointly owned a parcel of property. A soldher share of the property to C. A then died. A has achild, D, and B has a child, E. If the property wasowned as joint tenants by A and B, who now ownsthe property and why? If instead the property wasowned as tenants in common by A and B, who nowowns the property and why?

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Answered: 1. Dorothy deeded an acre of real…

1. Dorothy deeded an acre of real estate that she owns to Tin Man for the life of Lion and then to Glenda. Fully describe the property interests of Dorothy, Tin Man, Lion, and Glenda.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ee.9.
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Alex is a carpenter who purchased a vacant block of land in Sydney on 1 October 1980. On 1 September1986, Alex built a house on the land. At the time, the land was valued at $110,000 and the cost ofconstruction was $100,000. Immediately, after the construction finished, the property has beenrented out. On 1 March 2019, Alex sold the property at auction for $1,400,000.Required:With reference to relevant legislation/case law, determine:a) Alex’s net capital gain or net capital loss for the year ended 30 June 2019 using both Discountmethod and Indexation method.show your working. b) How would your answer to a) differ if the owner of the property was a company instead of Alex?
Please advise with solving.
Danny and Julie, a married couple, decided to sell their community property home in a community property state, and reinvest their sale proceeds in a new home in a common law state with only Julie's name on the title. Which statement below is correct? A) The new home will be considered community property, but only if Julie places Danny’s name on the title as tenancy by the entirety. B) The new home will be considered the separate property of Julie. C) The new home will be considered community property. D) Danny would have rights to only the sale proceeds from their prior home.
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