Examine the basic elements in wills, estates, and trusts.
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- Examine the basic elements in wills, estates, and trusts.
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- In 2022, Rebecca formed Black Corporation, a C-Corporation. Rebecca transferred real. estate with an adjusted basis of $260,000 and a fair market value of $390,000 in exchange for 100% of Black Corporation's common stock. The real estate was encumbered by a mortgage of $290,000, which Black Corporation assumed. The total value of Black Corporation's common stock after formation was $100,000. Q A N a) What amount of gain or loss is realized and recognized by Rebecca on the real estate transfer to Black Corporation? b) What basis does Rebecca take in her Black Corporation stock? c) What basis does Black Corporation take in the real estate contributed by Rebecca? 2 W S 3 X مو do command E D C R F 5 T V 6 G Y B 67 H U 8 N I 9 M O 0 V مو ob P commandSECTION D Read the following extract and then answer the question belowA client is interested in setting up a business and does not know which form of business to use. He has been told that he can form a sole proprietorship, or partnership, or a limited liability company. He comes seeking for business advises on the advantages and disadvantages of a registered company. Make a comparison between a sole proprietorship, partnership, and a limited liability company.Was it good for Jacoby, Meyers, and Koff to set up a general partnership for their Jacoby & Meyers law firm?
- A mutual will cannot be unilaterally revoked after one of the parties has died. true or falsewhat does it means to be a “remainderman” of a life estate interest. Can this interest be sold?‘A holder in due course gets a better title free from equities’. Explain the statement and discuss the various privileges of a holder in due course.
- How does the concept of constructive bailment arise and what are its implications in legal cases?can you tell and explain me exactly, what is the probable outcome of Caspers’s suit against Daniella?Willams and Nick are childhood friends. Nick had lost his right hand in an accident in childhood. They meet after a long time in a restaurant. On being asked, Nick tells Willams that he feels very discontented in managing his family business after the death of his father as it doesn't match his areas of interest. Willams knows that Nick possesses extraordinary skills in management although he hasn't acquired any professional degree in management. Therefore, he asks Nick to wind up his business in India and join him in his hotel business in Dubai as an Assistant Manager in the Sales and Marketing Division. In the context of the above case: 1. Can Nick be deployed to the post of Assistant Manager in the Sales and Marketing Division though he hasn't acquired any professional degree in management? Explain by giving suitable justifications in support of your answer. 2. List any two values that are reflected in this act of Willams.
- What is the nature and extent of Surety ' s of liability ?If a director allows a company to continue to trade indefinitely and the company is placed into liquidation, what are the potential liabilities for a director and how are these determined by the Courts?What is the difference between liquidation bankruptcy and realignment bankruptcy?