The city of Richmond needs land owned by the Neelans to expand a middle school. The Neelans do not want to sell. Discuss what course of action the city can take and the basis for this action
The city has the power of eminent domain, which is the power of a government to take private property for public use. The Fifth Amendment to the U.S. Constitution states, ". . . nor shall private property be taken for public use, without just compensation." The Supreme Court has held that this applies to state and local, as well as the federal, government. Richmond must pay the Neelans a fair price for their real property. This generally means the reasonable market value. If the Neelans refuse Richmond's offer, Richmond will file suit seeking condemnation of the land. The court will specify what compensation is just and award title to Richmond.
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Which of the following statements concerning partnerships is false?
A. A general partner's basis in a partnership includes his share of partnership debt. B. Limited partnerships must have at least one general partner. C. A properly-drafted partnership agreement is crucial. D. A partner is taxed annually on only that portion of a partnership's taxable income that is actually distributed.
Operating activities involve the acquiring and selling of goods and services for cash or on account
a. True b. False Indicate whether the statement is true or false
If one asset is traded in on the purchase of another similar asset, a trade-in allowance may be granted
Indicate whether the statement is true or false
According to the doctrine of agency at will, ________.
A. either party can terminate the agency anytime, if there is a contractual right to do so B. only the agent can terminate the agency C. only the principal has the right to terminate the agency at his will D. each party has the power to terminate the agency even if there is no contractual right to do so