Richard sold a parcel of land belonging to him to Ping through his agent, Francisco, without executing a special power of attorney in favor of Francisco. The deed of sale between Richard and Ping was written and notarized. Just from the foregoing facts, is the sale valid?

Richard sold a parcel of land belonging to him to Ping through his agent, Francisco, without executing a special power of attorney in favor of Francisco. The deed of sale between Richard and Ping was written and notarized. Just from the foregoing facts, is the sale valid?

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter3: A Bundle Of Rights

Section: Chapter Questions

Problem 2SYPS

See similar textbooks

Similar questions

Jennifer transfers properties to Mump Co. in an exchange that meets all the requirements of Code Sec. 351. Several of the transferred properties are subject to liabilities. Will property transfers of this sort cause gain recognition for Jennifer?
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.
Lucia is paying Martha to sell properties that Lucia owns. Can Martha sell one of Lucia's properties to herself? No, because an agent may not self-deal O Yes, if she sells it for fair market value Yes, if Lucia did not prohibit this type of transaction No, because that would make Martha a subagent of Lucia
Your client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? A) Community property B) Tenancy by the entirety C) Joint tenants with right of survivorship D) Tenants in common
Mr. and Mrs. George enter into a written, signed agreement to buy a house owned by Samantha Jones. In the contract, it says that the sale will go forward if the Georges obtain financing for the mortgage. What kind of condition is this? Explain.Now, assume that the Georges successfully obtained the financing; but, and Samantha Jones is now refusing to sell them the house. Do the Georges have any recourse? Explain in detail.
Problem 13-66 (LO. 4) Surendra's personal residence originally cost $340,000 (ignoring the value of the land). After living in the house for five years, he converts it to rental property. At the date of conversion, the fair market value of the house is $320,000. a. Surendra's basis for loss for the rental property is $ b. Surendra's basis for depreciation for the rental property is $ c. Surendra's basis for gain for the rental property is $ d. Could Surendra have obtained better tax results if he had sold his personal residence for $320,000 and then purchased another house for $320,000 to hold as rental property? e. Complete the letter below regarding an e-mail to your instructor. TO: Instructor FROM: Student DATE: January 6, 2021 The purpose of this e-mail is to address the tax issues associated with Surendra's conversion of his principal residence into a rental property. I am basing my conclusions on the information provided. The original cost (and adjusted basis at the time of the…
Trudy has just recorded a deed that gives her daughter, Sally, a life estate in the family farm plus a general power of appointment over the farm. Which is a CORRECT statement regarding the property interests given to Sally? A) A disadvantage of the life estate is that it is a contingent interest. B) A disadvantage of the general power of appointment is that Sally will not be able to appoint the remainder interest in the property to herself. C) A disadvantage of the life estate is that it is a future interest. D) An advantage of the general power of appointment is that Sally will be able to become the sole owner of the farm.
Which one of the following statements regarding the qualified domestic trust (QDOT) election is correct? A)The election allows the estate to take a charitable deduction for assets given to a foreign charity. B)The election allows the estate to take a marital deduction for the value of assets given to a spouse who is not a U.S. citizen. C)The QDOT election can be made for terminable interest property. D)The property protected by the QDOT election is not subject to estate tax upon the death of the income beneficiary of the estate.
Which of the following is correct? The gain basis for property received by gift is the lesser of the donor’s adjusted basis or the fair market value on the date of the gift. The loss basis for property received by gift is the same as the donor’s basis. The gain basis for inherited property is the same as the decedent’s basis. The loss basis for inherited property is the lesser of the decedent’s basis or the fair market value on the date of the decedent’s death. None of the above.
Why might real estate be omitted from an inventory of estate property? Multiple Choice Real estate is subject to a separate inheritance tax. State laws require a separate listing of all real estate. In some states, depending on the ownership, real estate is considered to be conveyed directly to a beneficiary at the time of death. State laws prohibit real property from being conveyed by an estate.
Irwin is a resident of Wyoming. He sold real estate located in North Carolina to Bethany, LLC, an Ohio-based company. Bethany failed to make payments on the loan. Which state's laws determine the foreclosure process for the property? (a) Ohio (b) North Carolina (c) Wyoming (d) No state, because the foreclosure process is controlled by federal law.
The basis for determining gain or loss from sale of disposition of property is the fair market price or value at the date of death of the decedent if the same was acquired by inheritance. TRUE OR FALSE?