16. This is a joint tenancy between husband and wife where each person owns the property in its entirety and, at the death of one spouse, the property passes to the other spouse. a. Tenants in Common b. Joint Tenancy in Fee Simple Absolute c. Tenants by the Entirety
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- LO.9 The Pheasant Partnership reported the following items in the current year. a. What is Pheasants ordinary income (or loss)? b. What are Pheasants separately stated items?Which of the following are characteristics of tenancy by the entirety (TBE) form of property ownership? More than two people can own property in TBE form. Tenants own property equally regardless of contribution. Each tenant becomes the owner of the other tenant's interest at the other tenant's death. Each tenant can convey their interest without the consent of the other. A) I, III, and IV B) III and IV C) I and II D) II and IIIQuestion 25 Mr. Barrera, a decedent was married at the time of his death and under the system of conjugal partnership of gains. Among the properties in the gross estate were: Land, inherited before the marriage, fair market value P 5,000,000 Family home built by the spouses on the inherited land 8,000,000 How much is the allowed family home deduction based on the foregoing facts?
- 1. Total amount of the exclusive property of the decedent under Absolute Community of Property regime 2. Total amount of the common properties of the spouses under the Conjugal Partnership of Gains regime6. Seo and Urban own property as tenants in common. In the event one of them dies, their title will pass to: -their heirs -the other tenant in common -it will depend on their wills -the state of Washington5.Seo and Urban own a parcel of real estate as Joint tenants. In the event one of them dies, their title will pass to Group of answer choices -their heirs -the other joint tenant -it will depend on their wills -the state of Washington 6.Seo and Urban own property as tenants in common. In the event one of them dies, their title will pass to: Group of answer choices -their heirs -the other tenant in common -it will depend on their wills -the state of Washington 7.In the state of Washington, married couples own real estate Group of answer choices -according to the law of community property -as tenants by the entirety -as joint tenants -as tenants in common
- The following are exclusive property under the system of conjugal partnership of gains, which is not? Property before marriage Inheritance during marriage Property acquired during marriage out of exclusive money Rental income on a property acquired before marriageWhich of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spouse A) I and IV B) I, II, and III C) II only D) II and III38. Which of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spouse
- A resident decedent was married at the time of death and under the system of conjugal partnership of gains. Among the properties in the gross estate were: Land, inherited before the marriage, fair market value P7,000,000 Family home built by the spouses on the inherited land 4,000,000 Deduction for family home is:1.Where a partnership records a loss for an income year for tax purposes: (Choose the most correct option) a. It will be carried forward and allowed as a deduction from future income of the partnership. b. It is only transferred to the individual partner’s tax calculation as an allowable deduction for that partner's share if the individual partner has assessable income. c. It is transferred to the individual partner’s tax calculation as an allowable deduction and if the individual partner does not have assessable income sufficient to absorb the loss the individual partner can carry forward the loss or part of the loss to future years. d. It will be of no significance for tax purposes because it cannot be used by the partnership under tax legislation. 2. Which statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their…