Lily and Mary owed Jake P500,000.00 for advancing their equity in a corporation they joined as incorporators. Lily and Mary bound themselves solidarily liable for the debt. Later, Lily and Jake became sweethearts so Jake condoned the debt of P500,000.00. May Lily demand from Mary P250,000.00 as her share in the debt? Explain.
Lily and Mary owed Jake P500,000.00 for advancing their equity in a corporation they joined as incorporators. Lily and Mary bound themselves solidarily liable for the debt. Later, Lily and Jake became sweethearts so Jake condoned the debt of P500,000.00. May Lily demand from Mary P250,000.00 as her share in the debt? Explain.
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 23CE
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Lily and Mary owed Jake P500,000.00 for advancing their equity in a corporation they joined as incorporators. Lily and Mary bound themselves solidarily liable for the debt. Later, Lily and Jake became sweethearts so Jake condoned the debt of P500,000.00.
May Lily demand from Mary P250,000.00 as her share in the debt? Explain.
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