the co-ownership?
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A, B, C, D, and E are all co-owners of a property. May E sell his portion of the co-ownership?
A. Yes. E may sell his portion because it can be made determinate upon the termination of the co-ownership.
B. Yes. E may sell the property because there is no showing that the co-ownership is valid.
C. No. E must first ask permission from the other co-owners because he will be disposing a portion of the co-owned property.
D. No. The object of the sale cannot be determined because the property cannot be divided while the co-ownership exists.
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- 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 LuciaS sold his lot to B. The lot is the subject of a case filed by X against S. S did not disclose this fact to B. Is S liable to B for fraud? A. Yes, because S has the obligation to reveal the fact to B even if the latter did not ask. B. Yes, because the sale involves transfer of real rights to the property. C. No, because S did not say and do anything to convince B to buy the lot. D. No, because B is bound by the rule of "caveat emptor" or "buyer beware".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…
- If a loss from sale or exchange of property between related parties is disallowed and the property is subsequently sold to an unrelated party, a.The disallowed loss is lost forever. b.The disallowed loss may be used if there is a further loss on the subsequent sale. c.The unrelated party may claim the loss previously disallowed. d.An amended return may be filed to claim the loss previously disallowed. e.The disallowed loss may be used to offset gain on the subsequent sale.The 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 pleaseThe owner of a property has never lived in the property but holds title. In this case, the owner is OA) required to deliver the Residential Property Condition Disclosure Statement to the buyer. B) not required to deliver the Residential Property Condition Disclosure Statement to the buyer. OC) exempt from the delivery of the form because he has never lived in the property. OD) exempt from the delivery of the form because he holds title.
- Determine whether the statement is legally correct (true) or not (false). 1. The sale of an undivided interest in a property and the sale of an undivided share in a mass are not perfected contracts of sale. 2. For auction sales, the seller may bid for as long as the right is reserved, without need for notice.an owner lists a property with a broker through an associate broker. which of the following would not terminate the agency relationship? The employing broker dies The property is destroyed by fire The associate broker dies The owner is declared mentally incompetentWhich of the following is true? B. The agent is expected to carry out an agency although its execution would manifestly result in loss or damage to the principal. D. Agency is presumed to be for a compensation, unless there is proof to the contrary. A. The contract of agency is extinguished by the insanity of the agent but not of the principal. C. Two persons authorizing an agent to sell a property on their behalf are liable jointly to the agent.
- If what is promised is only the use of a specific thing which does not include its ownership, the contributing partner does not need to warrant the thing against eviction.T/F If goods are sold on “sale or return”, the risk of loss of the thing sold remains with the seller after its delivery to the buyer. Every donation between the spouses during the marriage shall be void. This prohibition does not apply when the donation takes effect after the death of the donor.Which of the following is not a reason for the dissolution by the court? O a. Admission of new partner O b. Partner becomes insane O C. The business cannot be carried on except at a loss O d. Transfer whole interest of a partner is transferred to a third party
