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 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)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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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