Grant owns two-thirds of an investment property. The property sells and he receives his share of the proceeds from the sale: $27,000. What were the total proceeds from selling the property? $40,298.51
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- As a hotel manager, deny Mr. Weber’s claim. You would certainly like to see Mr. Weber return as a Century Park Hotel guest, but you cannot budge on your smoking policy. Address your response to Mr. Wilson M. Weber, 634 Wetmore Avenue, Everett, WA 98201Pls help ASAPLou-anne is a member of her employer's registered pension plan. Her employer contributed $5,000 to the plan; Lou-anne contributed $2,500. What statement is true? O a) Lou-anne can deduct her contribution from her taxable income; she must include her employer's contribution in her income. O b) Lou-anne can deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Oc) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Od) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is considered a taxable benefit.
- help asapAn owner, who bought an industrial building without financing on January 1st eight years ago for $8,000,000 is selling the property on December 31st of the current year for $8,900,000 and will incur a cost of sale of 3 percent of the sale price. The property allocation was 70 percent for improvements and 30 percent for land at the time of purchase. The owner's tax rates are 35 percent for ordinary income, 25 percent for cost recovery recapture, and 20 percent for capital gain from appreciation. What are the proceeds after tax for this sale? O $8,633,000 O $6,863,312 O $8,900,000 O $8,222,316Apex Hospital is in need of major renovation of its electrical system. One of Apex’s governing board members, Willy Watt, is an electrical contractor who is a partial owner of an electrical restoration company. He would like to bid on the project. May he? If he does, what must he do? What must the governing board do? Is there a problem with Mr. Watt’s fiduciary duty? Is there a problem with the governing board’s fiduciary duty? Recommend the best steps that Apex Hospital should follow.
- What are some examples of material facts that must be disclosed in connection with the purchase or sale of a security?Which one of the following is NOT a correct pairing of a trust provision with its characteristics? A) Spendthrift provision: a clause in a trust that prevents a beneficiary from withdrawing more than the greater of $5,000 or 5% of the corpus.quizlet B) Crummey provision: a trust clause that provides the beneficiary with a limited duration right to demand payment of contributions to a trust each year up to the annual gift tax exclusion from the trustee. C) Discretionary provision: a trust clause that allows the trustee to use his or her sole judgment in determining how much of the trust income and principal will be paid to or on behalf of a beneficiary. ?Buyer Javier makes a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. Joy then reconsiders and accepts the first offer. Is Javier is obligated to buy the home? Why or why not? Yes, because Javier never formally withdrew the offer. No, because once Javier's offer is countered, it is considered rejected and is dead. Yes, because Joy's counter was for the same amount of money as Javier's initial offer. No. because a buyer can withdraw from a contract for any reason without penalty.
- Joe took out a loan to purchase a new house. In return, Joe's lender placed a lien on the property. Is this legal? O No. Only Joe can place a lien his property. O No. A lender is never allowed to place a lien on a property as long as the borrower is up-to-date ontheir payments. О Yes. This is a voluntary mortgage lien that allows the lender to foreclose on the property if Joe defaults on the loan. O Yes. However, the lien is only valid for 12 months.what does it means to be a “remainderman” of a life estate interest. Can this interest be sold?John owns a small rental cottage in St Augustine and his mother Brenda lives nearby in a rented apartment. He is concerned about her having a secure home to live in after her retirement so he decides to convey the cottage to her for the rest of her life, after which, ownership will revert to him. What would John's attorney probably have advised him to do to achieve these goals? Establish a Trust with his mother as one of the trustees Convey a tenancy at sufferance to Brenda. Convey a tenancy by the entireties to Brenda, pur autre vie. О Convey a life estate to Brenda with the right of reversion to John.