Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 16, Problem 28P
a.
To determine
Provide information on the net result of the transaction if Mr. F decides to treat the right of first refusal as an option to purchase the land.
b.
To determine
Provide information on the net result of the transaction if Mr. F is a dealer in land.
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* Explain.
Spiderman offered, in writing, to sell Black Widow a piece of land for $200,000.
Spiderman signed the offer and wrote that it was contingent on Black Widow
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offer from Captain America and transferred the land to Captain America on that
day. Black Widow, who didn't know about the sale to Captain America, called
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contract. Judgment for whom? Choose the best answer.
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days, and Black Widow accepted on the seventh day
b. Judgment for Spiderman, because her offer was revocable
c. Judgment for Black Widow, because Spiderman's offer was in writing
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Chapter 16 Solutions
Individual Income Taxes
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