Bang is to inherit 10 hectares of land when his very sick father dies sooner or later. Elmie offered to buy the land from Bang after she learned that the father is very sick. Can Bang sell the land?   Yes, Bang can sell the land since his father is very sick. No, Bang cannot sell a future inheritance. Yes, Bang can sell the land as long as he secures his mother’s consent. No, Elmie should buy the land from Bang’s mother.

tim is living with his spouse in California when he finds out that his wife is having an affair. Tim packs his bags and leaves the state to move to Indiana, intending on filing separately. Tim and his spouse cohabitated until June. He earned $50,000 during the year, $30,000 of which was in California. She earned $60,000 during the year. How much wage income does Tim have on his California return and from whom? (Remember, the return is being filed separately)   He has $50,000 in state wages from his pay only, since he's no longer in a community property state.   He has $45,000 in state wages, with $15,000 from half of his state-sourced pay and $30,000 from her half of pay.   He has $55,000 in state wages, with $25,000 from half of his total pay and $30,000 from her half of pay.   He has $30,000 in state wages from his state-sourced pay.

King Solomon is a rich farmer in Tetebia, a town in the Asou Municipal Assembly.  He owns over 100,000 hectares of farmlands. However, he fears the worst might happen and wants to do some investments to secure his future and that of his children. He is contemplating some long-term investments he could undertake to secure his future and that if his children. He is now 50 years old and he plans to retire in 10 years from active farm work. He expects to live for another 25 years after he retires –that is, until age 85. He was advised by a friend that an investment in the financial market will help him plan his retirement well. He has no idea about financial markets and how they operate.  You recently graduated from the School of Graduate Studies, University of Professional Studies, Accra and have just reported to work as an investment advisor at the brokerage firm of Cenden Ltd. King Solomon has approached your company for advice. Your boss, after a discussion with King Solomon gathered…

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 Lucia

Would you sign this return if you were Tom and Teri’s Paid Tax Preparer? Why or why not?   Your clients, Tom (age 48) and Teri (age 45) Trendy, have a son, Tim (age 27). Tim lives in Hawaii, where he studies the effects of various sunscreens on his ability to surf. Last year, Tim was out of money and wanted to move back home and live with Tom and Teri. To prevent this, Tom lent Tim $20,000 with the understanding that he would stay in Hawaii and not come home. Tom had Tim sign a formal note, including a stated interest rate and due date. Tom has a substantial portfolio of stocks and bonds and has generated a significant amount of capital gains in the current year. He concluded that Tim is a deadbeat and the $20,000 note is worthless. Consequently, Tom wants to his son’s bad debt on his and Teri’s current tax return and net it against his other capital gains and losses. Tom is adamant about this!

Your client, who does not have a will and does not plan to write one, recently purchased a tract of farmland to include in the family farming operation. He wants the entire tract to pass upon his death to his son, who will continue the farming operation. He wants the remainder of his property to pass to his wife. You should advise him that, to accomplish his objectives, the most appropriate form of titling to use for the farmland tract is     A) joint tenancy with right of survivorship with his son.     B) tenancy in common with his son and wife.     C) tenancy in common with his son.     D) joint tenancy with right of survivorship with his son and wife.

14. Françoise has just inherited $90,000. In the event of her own death, she would like to leave this money to ensure the financial security of her son Maxime He is 18 years old and recently entered college to study philosophy. Françoise is a self-employed landscaper and snow-removal contractor. She recently had to take out loans to upgrade her equipment. Françoise is not sure whether she should invest her inheritance in a segregated fund with Maxime as the beneficiary or build an equity portfolio with better returns. Her priority is to provide for her son's future. If she were to one day declare bankruptcy, would the two investments Françoise is considering be protected from creditors? Only the segregated fund would be protected. Only the equity portfolio would be protected. O Both investments would be protected. ONeither investment would be protected. Choose 1 option

Agnes transfers a four-apartment investment condominium subject to a non-recourse mortgage to Brad. Brad, in return, transfers to Agnes a residential rental apartment building subject to a non-recourse mortgage. Agnes's condo cost $500,000 and she has taken depreciation of $25,000. The amount of the non-recourse debt is $475,000. The fair market value of the condo is $600,000. Brad's apartment building cost $700,000 and has a current fair market value of $600,000. He has taken depreciation deductions of $100,000 and the amount of the non-recourse debt is $600,000. As a result of this exchange transaction Brad has received boot of $125,000. Agnes has received boot of $125,000. Brad has given up boot of $125,000. Agnes has given up boot of $475,000.

John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece of land. The land was hilly, so he blasted it to make it flatter, installed a soak away so the water does not settle on the land, and made several roadways for ease of access. After 6 months of purchasing the land, he subdivided the land and sold it to 30 separate persons making a large gain. Advise Mr. Peter whether the gains are taxable in Barbados. Appropriate case laws should be referenced in your assessment.

Jack asked Jill to marry​ him, and she has accepted under one​ condition: Jack must buy her a new ​$340,000 ​Rolls-Royce Phantom. Jack currently has ​$57,940 that he may invest. He has found a mutual fund with an expected annual return of 4.5 percent in which he will place the money. How long will it take Jack to win​ Jill's hand in​ marriage? Ignore taxes and inflation.