Can the holder of a life estate mortgage his life estate?
A) Yes, so long as the mortgage term is limited to the length of the life estate
B) No, because a life estate is not real property
C) Yes, with the only restrictions being those applicable to a mortgage of a fee simple interest
D) Yes, but only if the holder of the remainder interest or reversion also simultaneously
mortgages that interest
E) No, because of the uncertainty over how long the interest will last
A
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Discuss why low-context cultures (like the U.S.) prefer linear organizational formats.
What will be an ideal response?
The term "American" refers exclusively to someone who considers his or her home country the United States
Indicate whether the statement is true or false.
Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.• Depreciation expense per books was $713,700, and MACRS depreciation was $662,000. • Texark exchanged old realty (-0- tax basis; $44,200 book basis) for new realty (FMV $50,000). Book gain was included in book income, although the exchange was nontaxable for tax purposes. • Texark received a $100,000 insurance reimbursement for the destruction of machinery with a $29,000 tax basis and a $70,000 book basis. Texark spent $110,000 to replace the machinery before year-end. Compute Texark's taxable income.
What will be an ideal response?
Eminent domain does not grant the government power to take private land for public use
Indicate whether the statement is true or false