Based on the scenario, what is the classification of the tenancy? Lionel had a rental agreement with Kris for Kris to lease storefront space for 5 years. 5 years has passed, but Kris still uses the space and pays Lionel rent. Kris’s tenancy is best classified as: Tenancy for years Tenancy at sufferance Tenancy at will Periodic tenancy
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Based on the scenario, what is the classification of the tenancy?
Lionel had a rental agreement with Kris for Kris to lease storefront space for 5 years. 5 years has passed, but Kris still uses the space and pays Lionel rent. Kris’s tenancy is best classified as:
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- A 71% leased 71,000 square foot office building in San Diego was acquired in February 2017 by a California LLC for $39 million. The property’s building/land ratio was determined to be 90/10 at the time of acquisition by the LLC’s accountant. The property was sold in February 2023 for $80 million after leasing the building to 92% occupancy. Tax deductible selling costs included a brokerage fee that was 4% of the sale price plus legal fees and other closing costs of $200,000. What was the total amount of the capital gain plus depreciation recapture upon which tax must be paid on the sale? a. $37,600,000 b. $43,000,000 c.. $41,000,000 d. $46,400,000A 71% leased 71,000 square foot office building in San Diego was acquired in February 2017 by a California LLC for $39 million. The property’s building/land ratio was determined to be 90/10 at the time of acquisition by the LLC’s accountant. The property was sold in February 2023 for $80 million after leasing the building to 92% occupancy. Tax deductible selling costs included a brokerage fee that was 4% of the sale price plus legal fees and other closing costs of $200,000. What was the total amount of the capital gain plus depreciation recapture upon which tax must be paid on the sale? $37,600,000 $43,000,000 $41,000,000 $46,400,000George has three children from a prior marriage and marries Wendy who moves into the family home. Wendy has no children, and George and Wendy have no children together. George on his death plans to leave the family home to his children, but would like to provide for Wendy should she survive him including giving her continued rights to reside in what has become her family home too until she passes away. Of the following alternatives what might you suggest as being the most appropriate to accommodate for this? For George under his Will to grant to Wendy a permanent right of occupation of the family home For George under his Will to grant to Wendy a life interest in the family home For George under his Will to gift the home to Wendy, with the promise that Wendy will on her death leave the home to George's children
- Glenn Foreman, president of Oceanview Development Corporation, is considering submitting a bid to purchase property that will be sold by sealed bid at a county tax foreclosure. Glenn's initial judgment is to submit a bid of $5 million. Based on his experience, Glenn estimates that a bid of $5 million will have a 0.2 probability of being the highest bid and securing the property for Oceanview. The current date is June 1. Sealed bids for the property must be submitted by August 15. The winning bid will be announced on September 1.If Ocean view submits the highest bid and obtains the property, the firm plans to build and sell a complex of luxury condominiums. However, a complicating factor is that the property is currently zoned for single-family residences only. Glenn believes that a referendum could be placed on the voting ballot in time for the November election. Passage of the referendum would change the zoning of the property and permit construction of the condominiums.The sealed-bid…Chris, the president of SGC Properties, is considering submitting a bid to purchase property that will be sold by sealed bid at a county tax foreclosure. Chris’ initial judgment is to submit a $5 million. Based on his experience, Chris estimates that a bid of $5 million will have a 0.2 probability of being the highest bid and securing the property for SGC. The current date is July 1. Sealed bids for the property must be submitted by September 15. The winning bid will be announced on October 1. If SGC submits the highest bid and obtains the property, the firm plans to build and sell a complex of luxury condominiums. However, a complicating factor is that the property is currently zoned for single-family residences only. Chris believes that a referendum cold be placed on the voting ballot in time for the November election. Passage of the referendum would change the zoning of the property and permit construction of the condominiums. The sealed-bid procedure requires the bid to be…Chris, the president of SGC Properties, is considering submitting a bid to purchase property that will be sold by sealed bid at a county tax foreclosure. Chris’ initial judgment is to submit a $5 million. Based on his experience, Chris estimates that a bid of $5 million will have a 0.2 probability of being the highest bid and securing the property for SGC. The current date is July 1. Sealed bids for the property must be submitted by September 15. The winning bid will be announced on October 1. If SGC submits the highest bid and obtains the property, the firm plans to build and sell a complex of luxury condominiums. However, a complicating factor is that the property is currently zoned for single-family residences only. Chris believes that a referendum cold be placed on the voting ballot in time for the November election. Passage of the referendum would change the zoning of the property and permit construction of the condominiums. The sealed-bid procedure requires the bid to…
- How many of the following are not a "tax" death benefits dependant of a deceased person: the deceased person’s spouse the deceased person’s former spouse the deceased person’s child under 18 years of age any person with whom the deceased person had an “interdependency relationship” just before he or she died; and any person who was financially dependent on the deceased just before the deceased person died? 0 1 2 3 4 5Eva rents an apartment from her landlord. She has a two-year lease that expires next March. If she wants to renew it, she will have to negotiate a renewal with her landlord. What kind of estate does Eva have in her home? an estate at will a fee simple condition subsequent estate an estate for years a tenancy at sufferanceMatthew owns an insurance policy (face amount of $1,390,000) on the life of Emily with Uma listed as the designated beneficiary. If Emily dies first and the $1,390,000 is paid to Uma, how much is included in the following gross estates? If an amount is zero, enter "0". a. Matthew's gross estate? b. Emily's gross estate?
- When hair stylist Norma went to work for the House of Glenn Hairstyling Salon, she was required to sign a "noncompite clause that she could not work as a hair stylist within a miles of the Salon for 1 year. Further Norma could not solicit any of her old Salon clients for 1 year Norma has quit her job at the Salon and she wants to open her own store within 1 mile of the Salon Will Norma be allowed to open her proposed salon? Yes, but Norma must give 1/2 of all the fees she charges (during the 1 year period) to Glenn Yes, but only if Norma returns the money that she earned while working at House of Glenn. Yes, because Norma has a right to earn a living No, if the court finds that the requirements of 3 miles and 1 year are reasonable.Non-forfeiture provisions are included in whole life and endowment policies to assure the policyowner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policyowner that A) No death claim will be denied for any misstatement on the application B) Any guaranteed policy values will belong to the policy owner even if premium payments are discounted The face amount of the policy will remain the same even if the insured's health becomes impaired The premium on the policy will remain the same even when another beneficiary D) is added to the policySkip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?