T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then sold and delivered the said necklace to B at a price of P10,000. B acquired the said necklace in such public auction. Which of the following statements is correct?
T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then sold and delivered the said necklace to B at a price of P10,000. B acquired the said necklace in such public auction. Which of the following statements is correct?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges
Section: Chapter Questions
Problem 10P
Related questions
Question
86. T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then sold and delivered the said necklace to B at a price of P10,000. B acquired the said necklace in such public auction. Which of the following statements is correct?
Group of answer choices
a. S can legally recover the necklace from B even without reimbursing B.
b. S may legally recover the necklace from B but he must reimburse B of the amount of P10,000.
c. S can never legally recover the necklace from B because the latter is a purchaser in good faith and for value.
d. S cannot legally recover the necklace from B even if he reimburses B of the amount of P10,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you