Mom and Carolyn own a farm as joint tenants. When Mom dies, her share will pass to:
a. Carolyn.
b. her heirs.
c. her beneficiaries.
d. Carolyn's heirs.
a
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Using the percentage of sales method, forecasted retained earnings balance is equal to
A) the ratio of retained earnings to sales for the current year multiplied by projected sales for next year, minus dividends paid. B) the retained earnings balance for the current year as no changes are made to this financing account when using the percent of sales method. C) prior year retained earnings plus projected net income less projected dividends. D) the ratio of retained earnings to sales for the current year multiplied by projected sales for next year.
A trade fixture is not intended to become part of the realty
Indicate whether the statement is true or false
In constructing the railroads in the United States, thousands of landowners granted the federal government easements for the placement of railroad tracks. As rail travel declined, many of the routes were no longer used. Many of the railroad tracks were dismantled formally by cities and towns and many were dismantled informally by those seeking to utilize the iron from the tracks and the wooden
ties. In some cases, the tracks were turned into bicycle paths that have served recreational and commuter needs. ?Jeff owns a house boat that he has moored off an island in the Mississippi. The island is property of the city of Natchez, Mississippi. Jeff has had the house boat moored there for 32 years and has lived in the house boat all those years. The city has become concerned about the house boat, its safety, and possible liability for its attachment to city land. Which of the following statements best describes Jeff's legal rights? A) Jeff has a license that the city can revoke. B) Jeff has no legal rights to keep the house boat there. C) Jeff has an easement appurtenant. D) None of the above
The life of a car is 5 years. The original cost of the car was $25,000 and the salvage value was $5,000. What is the second-year depreciation?