Jun and Ramon are partners in a real estate partnership. The partnership owns a piece of land which Generoso desired to buy. Generoso contacted Jun and inform him his desire to buy the land and Jun did not tell Ramon about it. Jun bought Ramon out of the partnership and afterwards sold the land to Generoso with a big profit. O The sale of the land to Generoso is void because it was without the knowledge of Ramon O The partnership is dissolved when Jun became the sole owner O Jun is not liable to Ramon for the latter's share in the profits O Jun is liable to Ramon for the latter's share in lthe profits
Jun and Ramon are partners in a real estate partnership. The partnership owns a piece of land which Generoso desired to buy. Generoso contacted Jun and inform him his desire to buy the land and Jun did not tell Ramon about it. Jun bought Ramon out of the partnership and afterwards sold the land to Generoso with a big profit. O The sale of the land to Generoso is void because it was without the knowledge of Ramon O The partnership is dissolved when Jun became the sole owner O Jun is not liable to Ramon for the latter's share in the profits O Jun is liable to Ramon for the latter's share in lthe profits
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 32P
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Transcribed Image Text:Jun and Ramon are partners in a real estate partnership. The partnership owns a piece of land which
Generoso desired to buy. Generoso contacted Jun and inform him his desire to buy the land and Jun did not
tell Ramon about it. Jun bought Ramon out of the partnership and afterwards sold the land to Generoso
with a big profit.
@ The sale of the land to Generoso is void because it was without the knowledge of Ramon
O The partnership is dissolved when Jun became the sole owner
O Jun is not liable to Ramon for the latter's share in the profits
O Jun is liable to Ramon for the lalter's share in the profits
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