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- Bret, a resident of Nevada, wants to bring a tort claim (a type of civil lawsuit) against Steve, a resident of Tennessee, for damage to Bret's house in Nevada. To use a long-arm statute to obtain personal jurisdiction over Steve, the Nevada court must find that Multiple Choice Steve committed a crime in Nevada Steve also damaged property in Tennessee and owns a home in Tennessee Steve has committed prior torts in Nevada Steve committed the tort in Nevada8. Which of the following best illustrates a moral hazard? . Because he has plenty of insurance, Cameron does not take steps to make his property safe when most of his neighbors have been vandalized or burglarized. . The coverage on Carl's residence has increased each year, but the value of his hom has declined due to neighborhood influences and his home's state of disrepair. . Chet purchases actual cash value, rather than replacement, coverage in order to save money on his homeowners insurance premiums. . When Clarke's empty property is vandalized, he moves furniture into the house and damages it in order to submit a larger claim.Which of the following is true with respect to the related party rules? a.A disallowed loss on a related party transaction can be used to offset any future gain when the property is sold to an unrelated party. b.Bill sells stock to his sister for a $3,000 loss. Bill can deduct the loss on his tax return. c.A taxpayer's uncle is a related party for purposes of Section 267. d.Under the constructive ownership rules of Section 267, a shareholder owns 10 percent of the stock owned by a corporation in which he or she is a shareholder. e.None of these choices are correct.
- Steve owns real estate (adjusted basis of $12,000 and fair market value of $15,000), which he uses in his business. Steve sells the real estate for $15,000 to Aubry (a dealer) and then purchases a new parcel of land for $15,000 from Joan (also a dealer). The new parcel of land would normally qualify as like-kind property.Camilo's property, with an adjusted basis of $304,000, is condemned by the state. Camilo receives property with a fair market value of $349,600 as compensation for the property taken. If an amount is zero, enter "0". a. What is Camilo’s realized and recognized gain?Camilo's realized gain is $___________ and his recognized gain is $____________. b. What is the basis of the replacement property?The basis of the replacement property is $________________.Kurt has 25/50/25 auto insurance coverage. One evening he lost control of his vehicle, hitting a parked car and damaging a storefront along the street. The damage to the parked car was $10,700, and the damage to the store was $18,500. What amount will the insurance company pay for the damage? What amount will Kurt have to pay?
- Lisa sells business property with an adjusted basis of $132,000 to her son, Alfred, for its fair market value of $105,600. If an amount is zero, enter "0". a. What is Lisa's realized and recognized gain or loss? Lisa has a $__________ realized loss of which $___________is recognized. b. What is Alfred's recognized gain or loss if he subsequently sells the property for $145,200? For $85,800? If Alfred sells the property for $145,200, he has a recognized gain of $_______________. If Alfred sells the property for $85,800, he has a recognized loss of $_______________.Which of the following items would not automatically be covered under an HO-3 form? the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from collegeThe answer for: a. Ramesh's recognized should be either ( gain or loss) and his recognized (gain or loss) on the sale...... b. one of this three choices Yes, But only if he forgoes the &121 exclision on the montain cabin Yes, the amount he doesn't use on the mountain cabin can be applied to the beach house No, the &121 exclusion must be applied to the residence he sells first Also, I need all to be answered please
- Bonnie and Clyde jointly own their own home when Clyde defaults on credit card debt. To determine if Clyde is insolvent, how will the home play into the calculation?Your best friend's apartment has just been robbed, and he had no insurance. What would you suggest to your friend to better protect himself from such losses in the future? A) Purchase renter's insurance and add a personal articles floater. B) Take out personal property replacement cost coverage. C) Take a written and video tape inventory of your property. D) Only B and C above E) A, B, and C aboveMegan crashed her car into another vehicle. The damage to her car cost $2,568 to repair. Damage to the other vehicle cost $6,820. Megan's collision coverage has a $1,000 deductible. Her property damage liability is $5,000. How much will her insurance company pay for repairs?
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