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- 4. Samantha borrowed P100,000 from Paola. On due date of the loan, Samantha could not pay Paola because she lost to a robber the P100,000 intended for the payment of her debt. In addition, she suffered financial problems, and she was short of cash even for her current family needs. Can Samantha legally justify her inability to pay Paola? Explain.Law on Obligation and Contract Jenny and Marie obliged themselves to deliver Ana a bullet proof car on her birthday. Jenny and Marie agreed infront on Ana to contribute the amount that will be used to buy the car. However Marie failed to give her contribution to the purchase price of the car, hence, the car was not delivered to Ana on her birthday. What kind of obligation is involved in the problem? Explain why do you say so.Case 4 Suhail owns a multinational company that exports bags and shoes to various countries. Suhail enters into a contract with Tariq to do husiness in Oman. Suhail has given misleading statement of facts during negotiations of the contract and this has influenced Tariq to enter into this contract. Question a. Is the contract in this case enforceable by law? Explain why or why not? b. If Tariq repudiates this contract in the court of law, what type of contract is it?
- Question 25 Cathy holds shares in Pineapple Ltd who have gone bankrupt. What liability will Cathy have as a result of this? A Liabile to the creditors of the company for it's losses. B No liability and she'll get her investment back. C Her personal assets are protected but she'll lose her investment. D Other shareholders can seize Cathy's assets to make up their losses.Chapter 12 TRP 12-2 Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are married and file their return jointly. They have retired at the age of 51. The couple’s income consists of rental property, stock investments, and royalties from an invention. They sold their large house that they had purchased six years ago for $580,000 on October 18, 2020, for $1 million. They now live in a condo at 101 Magnolia Lane, Suite 15, Highland Park, FL 33853. The rental property is an apartment complex (building cost $1.5 million and was purchased January 5, 2020) with 30 units that rent for $27,000 per month and are at 90% occupancy. Rental income $ 291,600 Salaries 115,000 Payroll taxes 8,798 Real estate taxes…Question #39 of 85 Question ID: 1251813 Samuel has a $5 million gross estate. His solely owned business is his major asset. All of his other assets are also solely owned. Samuel has never married, but does have two children. His financial advisor has suggested that Samuel title all of his assets in some form of will substitute to avoid the costs of probate, which are very high in Samuel 's state. Which of the following expenses could Samuel avoid by following his advisor's advice? A personal representative's fee The premium on a surety bond for the personal representative Appraisal fees to value estate assets Federal estate taxes A) II and III B) I and IV C) I and II D) III and IV
- Question #5 of 85 Your client wants to purchase a residence for his aging parents, while minimizing the burden of ownership of the property for them and maximizing their enjoyment of it. Which one of the following states an advantage of titling the property in your client's name as sole owner rather than in joint tenancy with right of survivorship with his parents? A) He will avoid gift tax liability by titling the property this way. B) The property will pass to his parents outside of probate. C) The property will receive a step-up in basis when his parents die. D) His parents will have a life estate in the property if he predeceases them.45 1. S1 – nicanor sold his house and lot for Php 5,000,000.00 which is the fair market value of the property. Upon his death, no amount attributable to the property will form part of the estate. S2 – standard deduction is automatic and requires no proof Both are false Both are true S1 is true S2 is true 2. S1 – in claiming insolvency, the fact must be proven and not merely alleged. S2 – Nicanor died, his total gross estate amounted to Php 5 million. A certification by an independent certified public accountant shall be required Both are true S2 is true S1 is true Both are falseX bound himself to deliver to Y a 21-inch 2010 model TV-set, and the 13 cubic feet Gray Samsung refrigerator, with Motor No. SAM-123, which Y saw in X’s store, and to repair Y’s piano. X did none of these things. May the court compel X to deliver the TV set and the refrigerator and repair the piano? Why? If not, what relief may the court grant Y? Why?
- 63 Rau obtains a loan from Security Funds and signs a note for the amount payable to the lender. Security Funds indorses the note and sells it to Tomas. With the intent to cancel Rau’s obligation on the note, Tomas writes “Paid” across its face. This discharges the liability of a. no one. b. Rau only. c. Security Funds only. d. Rau and Security FundsProblem 13-84 (LO. 8, 9) Karl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018 as a tenant under a lease with an option to buy clause. On August 1, 2020, Karl sells the residence for $315,000. On June 13, 2020, Karl purchases a new residence for $367,000. If an amount is zero, enter "0". a. What is Karl's recognized gain? His basis for the new residence?Karl's recognized gain is $fill in the blank aa8a5403c02a012_1, and his basis for the new residence is $fill in the blank aa8a5403c02a012_2. b. Assume that Karl purchased his original residence on January 2, 2018 (rather than January 2, 2019). What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $fill in the blank f8cfe3ffcff0ffc_1, and his basis for the new residence is $fill in the blank f8cfe3ffcff0ffc_2. c. In part (a), what could Karl do to minimize his recognized gain?To minimize his recognized gain, he can continue to…LO.3 Hank was transferred from Arizona to North Dakota on March 1 of the current year. He immediately put his home in Phoenix up for rent. The home was rented May 1 to November 30 and was vacant during the month of December. It was rented again on January 1 for six months. What expenses related to the home, if any, can Hank deduct on his return? Which deductions are for AGI, and which ones are from AGI?