Denise and Evelyn agree to run a laundry business and share the profit. However, Evelyn also sells cakes on their business premises. Advise Denise as to whether she is entitled to a share of profit in the cake business.
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Denise and Evelyn agree to run a laundry business and share the profit. However, Evelyn also sells cakes on their business premises. Advise Denise as to whether she is entitled to a share of profit in the cake business.
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- In Suzanne’s will, she left her home and five acres to her niece, Abrhianna. However, before her death, Suzanne sold the property to Clark, providing a deed in fee simple. At the moment of Suzanne’s death, who owns the property? Select the right answer. a) neither Clark nor Abrhianna own the property. b) Clark and Abrhianna become co-owners of the property. c) Clark owns the property.Albert, Betty, and Carol own and operate the Roy Lumber Company, a limited liability partnership (LLP). Each contributed one-third of the capital, and they share equally in the profits and losses. Their LLP agreement provides that all purchases exceeding $2,500 must be authorized in advance by two partners and that only Albert is authorized to draw checks. Unknown to Albert or Carol, Betty purchases on the firm’s account a $5,500 diamond bracelet and a $5,000 forklift and orders $5,000 worth of logs, all from Doug, who operates a jewelry store and is engaged in various activities connected with the lumber business. Before Betty made these purchases, Albert told Doug that Betty is not the log buyer. Albert refuses to pay Doug for Betty’s purchases. Doug calls at the mill to collect, and Albert again refuses to pay him. Doug calls Albert an unprintable name, and Albert then punches Doug in the nose, knocking him out. While Doug is lying unconscious on the ground, an employee of Roy…Jean died in a common-law state in 2023 and was survived by her husband, Loren, and three adult children. Jean's gross estate, all of which was owned solely in her name, was composed of the following assets and date of death fair market values: Assets Values Common stock $ 4,900,000 Residence 750,000 Personal property 60,000 IRAs 3,450,000 Hummel figurines 175,000 Total Assets $ 9,335,000 Jean's only liabilities, together with their date of death balance, were as follows: Liabilities Balance Mortgage on residence $175,000 Car loan 8,000 Total $183,000 The following is a list of all of the gratuitous transfers that Jean made during her lifetime: 2000: Placed the common stock listed above in an irrevocable trust in which she retained the right to a 5% distribution of the trust account revalued annually for 25 years with the remainder to her children at her death; the date of gift fair market value of the stock was $190,000; the value of Jean's…
- Chris and Maurice formed a new limited liability company and invested $1,000,000 of equity in an apartment building in Santa Ana, California with Chris investing $950,000 and Maurice $50,000. Their LLC operating agreement provided that: (A) the annual cash distributions would be split 90% to Chris and 10% to Maurice, and (B) the net cash proceeds from the sale of the property would be distributed first to each of them until they have received an amount equal to their original cash investments less any cash distributions they had previously received, then the balance of the net sale proceeds would be split 60%/40% between Chris and Maurice. How much would Maurice receive upon the sale of the property if the sale generates net cash proceeds of $3,250,000 after paying off the mortgage loan, the brokerage commission, and other closing costs, and if the LLC had previously distributed $400,000 collectively to Chris and Maurice? a. $1,110,000 b. $2,180,000 c.$1,060,000 d. $1,070,000Rebecca, age 53, died suddenly of a heart attack. She leaves behind her husband Chris and her three teenage sons, Calvin, Cameron and Craig. Rebecca does not have a will and leaves behind the following assets: House $800,000 (Joint Ownership with Chris) Non-registered Portfolio $273,593 (Individually owned) RRSP $370,068 (Beneficiary: Chris) Life insurance $309,927 (Beneficiary: Estate) Assuming that Rebecca lives in Ontario, how much will each of her sons inherit from her estate? Round your answer to the nearest dollar.Dennis is the oldest among the four shareholders and is in the poorest health. He is concerned that upon his death his wife will be stuck with the shares, because there will be no market for them. However, he would like her to be able to use the proceeds from selling the shares for living expenses. For their part, Able, Baker, and Carter like Mrs. Dennis, but are not interested in being co-owners of the business with her. And they certainly do not want her to sell Dennis's shares to an unknown third party. So, they four have agreed that upon Dennis's death, Mrs. Dennis will be obligated to sell one third of the shares to Able, one third to Baker, and one third to Carter. Able, Baker, and Carter agree to buy the shares at a price figured according to a predetermined formula. What kind of transfer restriction is this? Multiple Choice Option agreement Right of first refusal Provision disqualifying purchasers Buy-and-sell agreement Consent constraint
- Raphael, a minority shareholder of the Sample Corporation, claims that the following sales are void and should be annulled. Explain whether Raphael is correct. a. Smith, a director of the Sample Corporation, sells a piece of vacant land to the Sample Corporation for $500,000. The land cost him $200,000. b. Jones, a shareholder of the Sample Corporation, sells a used truck to the Sample Corporation for $8,400, although the truck is worth $6,000.Willams and Nick are childhood friends. Nick had lost his right hand in an accident in childhood. They meet after a long time in a restaurant. On being asked, Nick tells Willams that he feels very discontented in managing his family business after the death of his father as it doesn't match his areas of interest. Willams knows that Nick possesses extraordinary skills in management although he hasn't acquired any professional degree in management. Therefore, he asks Nick to wind up his business in India and join him in his hotel business in Dubai as an Assistant Manager in the Sales and Marketing Division. In the context of the above case: 1. Can Nick be deployed to the post of Assistant Manager in the Sales and Marketing Division though he hasn't acquired any professional degree in management? Explain by giving suitable justifications in support of your answer. 2. List any two values that are reflected in this act of Willams.Olav starts Power Cells to make and sell batteries. Later, Olav contracts with Quinn to invest additional capital in the firm in exchange for 25 percent of the profits. Olav and Quinn are not partners in Power Cells because
- Paul Bunyan is the owner of noncumulative 8 percent preferred stock in the Broadview Corporation, which had no earnings or profits in 2012. In 2013, the corporation had large profits and a surplus from which it might properly have declared dividends. The directors refused to do so, however, instead using the surplus to purchase goods necessary for the corporation’s expanding business. The corporation earned a small profit in 2014. The directors at the end of 2014 declared a 10 percent dividend on the common stock and an 8 percent dividend on the preferred stock without paying preferred dividends for 2013. a. Is Bunyan entitled to dividends for 2012? For 2013? b. Is Bunyan entitled to a dividend of 10 percent rather than 8 percent in 2014?Mrs. Peal is the caregiver for Mrs. Hasham, a wealthy widow aged 92. Mrs. Hasham suffered from dimensia, and does not usually remembers what she does. Upon Mrs. Hasham’s death, it was discovered that Mrs. Pearl was the beneficiary of all Mrs. Hasham’s estate. Mrs. Hasham’s children wants to contest the Will that gives everything to Mrs. Pearl. They cannot as Mrs. Hasham was a mature woman. They cannot as Mrs. Hasham could will to whomever she chose. Yes, they can contest, as Mrs. Hasham might not have known what she was doing. Yes, the children are in need. There can be no actionOn January 1, 2020 Alan made an interest-free loan of $200,000 to his son who used the loan to buy a house. Alan’s son has made no payments on the loan during the year. What are the income and gift tax consequences if the applicable federal rate is 5% and if Alan’s son had no investment income during the year? Which of the following is eligible for the annual exclusion? 1. Frank designates his daughter, Holly, beneficiary of his 401(k) plan. 2. Frank designates his wife, Betty, as beneficiary of his life insurance policy. 3. Frank funds an irrevocable trust with $1,100,000 for the benefit of his son. The terms of the trust allows a payout at the discretion of the trustee. 4. Frank funds an irrevocable life insurance trust with the amount necessary to pay the premiums of the policy. The beneficiaries can take a distribution equal to the contribution each year.