What choices does an executor of an estate have in determining the values of assets included in the estate for tax purposes?
What will be an ideal response?
The fair value of property must be determined at the date of death or on the alternative valuation date (six months after death or the date of disposition after death, whichever is earlier), at the option of the executor.
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Social capital is based on the network of relationships within a firm, not in the skills and abilities of an individual employee.
Answer the following statement true (T) or false (F)
M agreed to buy G's house for $200,000. The closing was to be held on April 5. G did not have all items removed from the home until April 9. M had to spend $500 on hotel expenses because of G's breach
The contract had listed that hotel expenses in the event this occurred would be limited to $400. This agreement of capping the hotel expenses at $400 is an example of: A) consequential damages. B) liquidated damages. C) compensatory damages. D) mitigated damages.
The Solomans own a cabin on the south side of Mount Henry. One day, the Solomans told Bennie and Claudia they could live in the cabin and use it as they wished until the Solomans wanted to use it again. Twelve years later, the Solomans informed Bennie and Claudia that they were going to spend the summer at the cabin and that Bennie and Claudia would have to make other arrangements for the summer
Bennie and Claudia claimed that they had acquired title by adverse possession, because they had occupied the property for the period of time required for adverse possession under state law (10 years in that state). Are Bennie and Claudia correct? a. Yes, Bennie and Claudia were living on the property with exclusive, open possession for a continuous period of time for the required 10 years. b. Yes, Bennie and Claudia had the Solomans' permission, therefore the possession was not illegal. c. No, Bennie's and Claudia's possession was with the Solomans' permission and therefore the claim was not adverse to the Solomans. d. No, there was no warranty deed transferred to Bennie and Claudia.
________ is where performance can be accomplished only under unforeseen and unjust hardship, and the contract is discharged under the Code and the Restatement
a. Subsequent illegality b. Commercial impracticability c. Frustration of purpose d. Subjective impossibility