SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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Alison receives a notice of property taxes that are due from the County tax collector. The taxes are for the property next door to Alison and were incorrectly sent to her address. Alison believed the tax bill was for her property and paid it before realizing the error. Can Alison recover the amount she paid in taxes from her neighbor? Why or why not.
45.  Michelle lives in a state that allows use of a beneficiary deed to transfer property at death. She owns her home in her sole name. She wants this asset to go to Bertram, her only child, at her death. Which one of the following is a correct statement regarding use of a beneficiary deed in this situation?     A) A beneficiary deed can only transfer personal property at death.     B) She will incur gift tax if she records the deed.     C) If she uses a beneficiary deed, she will not be able to live in the house until her death.     D) If Bertram predeceases her, Michelle will be able to name another beneficiary to receive title to the home at her death.
Sonja is considering the purchase and renovation of an old building. She has heard about the tax credit for rehabilitation expenditures but does not know the specific rules applicable to the credit. Explain the most important and relevant provisions for her.
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