Pele, who lives in a common law state, would like to make his brothers and sister part owners of the large farm holdings that he has acquired. Because the holdings operate best as a unit, he would like to keep the individual holdings together. His siblings have different needs, so he would like to give them variable amounts: 10% to Ramon, 25% to Felix, and 18% to Juanita. Given Pele's goals and situation, what is the most appropriate way for him to title the farm holdings for his siblings?
Pele, who lives in a common law state, would like to make his brothers and sister part owners of the large farm holdings that he has acquired. Because the holdings operate best as a unit, he would like to keep the individual holdings together. His siblings have different needs, so he would like to give them variable amounts: 10% to Ramon, 25% to Felix, and 18% to Juanita. Given Pele's goals and situation, what is the most appropriate way for him to title the farm holdings for his siblings?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Pele, who lives in a common law state, would like to make his brothers and sister part owners of the large farm holdings that he has acquired. Because the holdings operate best as a unit, he would like to keep the individual holdings together. His siblings have different needs, so he would like to give them variable amounts: 10% to Ramon, 25% to Felix, and 18% to Juanita.
Given Pele's goals and situation, what is the most appropriate way for him to title the farm holdings for his siblings?
A)
In joint tenancy
B)
As tenants in common
C)
As tenants by the entirety
D)
In sole ownership
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