Testator gives property to Tim in trust for Barney’s benefit, providing that Barney cannot anticipate the income by assignment or pledge. Barney borrows money from Linda, assigning his future income under the trust for a stated period. Can Linda obtain any judicial relief to prevent Barney from collecting this income? Why or why not?
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Testator gives property to Tim in trust for Barney’s benefit, providing that Barney cannot anticipate the income by assignment or pledge. Barney borrows money from Linda, assigning his future income under the trust for a stated period. Can Linda obtain any judicial relief to prevent Barney from collecting this income? Why or why not?
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- a. Benson goes into bankruptcy. His estate is not sufficient to pay all taxes owed. Explain whether Benson’s taxes are discharged by the proceedings. b. Benson obtained property from Anderson on credit by representing that he was solvent when in fact he knew he was insolvent. Explain whether Benson’s debt to Anderson is discharged by Benson’s discharge in bankruptcy.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 commandThe Johnson Company, a corporation organized under the laws of State X, after proper authorization by the shareholders, sold its entire assets to the Samson Company, also a State X corporation. Ellen, an unpaid creditor of the Johnson Company, sues the Samson Company upon her claim. Is Samson liable? Explain.
- D established a trust for the benefit of her three adult children, appointing herself as trustee. Under the terms of the trust, the income was to be divided equally among the three, except that D retained the right to vary the distribution or invade the corpus to provide for "medical emergencies, professional education, and inability of any beneficiary to support himself or herself." At D's death, the trust terminates and the corpus is distributed to Y or Y's estate. What are the likely consequences of this trust at D's death? The value of the trust corpus will be excluded from her gross estate under sections 2036 and 2038 because the "ascertainable standard" rule of Jennings v. Smith and Old Colony Trust applies. The value of the trust corpus is included in her gross estate under sections 2036 and 2038 simply because she is the grantor of the trust. The value of the trust corpus is included in her gross estate under section 2033. The value of the trust corpus will be included in her…"Lillian Pritchard was a director of Pritchard & Baird Corporation, a business founded by her husband. After the death of her husband, her sons took control of the corporation. For two years, they looted the assets of the corporation through theft and improper payments. The corporation’s financial statements revealed the improper payments to the sons, but Mrs. Pritchard did not read the financial statements. She did not know what her sons were doing to the corporation or that what they were doing was unlawful. When Mrs. Pritchard was sued for failing to protect the assets of the corporation, she argued that she was a figurehead director, a simple housewife who served as a director as an accommodation to her husband and sons. Was Mrs. Pritchard held liable?"A mutual will cannot be unilaterally revoked after one of the parties has died. true or false
- Glenn refuses an invitation to become a partner of Dorothy and Cynthia in a retail grocery business. Nevertheless, Dorothy inserts an advertisement in the local newspaper representing Glenn as their partner. Glenn takes no steps to deny the existence of a partnership between them. Ron, who extended credit to the firm, seeks to hold Glenn liable as a partner. Is Glenn liable? Explain.Advise Tom, Jamal, and Jackie on their potential liability to secured and unsecured creditors of their company under the Companies Act 2006, the Insolvency Act 1986, and the relevant case law.The statute of frauds does NOT cover which of the following contracts? Bridgeby enters into a contract for the sale of her house. Ruelle and Randolph enter into a pre-nuptial agreement. O Quincy accepts Cleo's offer to buy from Cleo her couch for the price of $4,000. Jasper, the executor of the estate of Gabrielle's dead cousin, agrees with Gabrielle that Gabrielle will pay a debt of that estate: Gabrielle will inherit three-fourths of the estate, with the rest going to various charities. O For the price of $599. Millie enters into a contract with a merchant, Reesa, to buy from Reesa some wrenches with an estimated barter value of approximately $620.
- Smith was approached by a man who introduced himself as Brown of Brown & Co. Brown was not known to Smith, but Smith asked Dun & Bradstreet for a credit report and obtained a very favorable report on Brown. He thereupon sold Brown some expensive gems and billed Brown & Co. “Brown” turned out to be a clever jewel thief, who later sold the gems to Brown & Co. for valuable consideration. Brown & Co. was unaware of “Brown’s” transaction with Smith. Can Smith successfully sue Brown & Co. for either the return of the gems or the price as billed to Brown & Co.?For a decedent who has left a last will and testament, which of the following correctly state issues that may have to be proved in the probate proceeding? Whether the will was validly executed Whether the will disposes of all probate property Whether the decedent's gross estate exceeds the applicable exclusion amount Whether any trusts described in the will are entitled to the marital or charitable deductionUnder our NCC, an heir may institute an action for rescission of a rescissible contract in his capacity as a representative or successor-in-interest of a person who suffers from lesion or of the creditor who is defrauded. Suppose, however, that it can be established that the decedent, during his lifetime, entered into a contract with another in order to defraud him of his legitime, can he institute an action for the rescission of such contract after the death of the decedent?