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- 5. A tenancy in severalty means O A. co-ownership. OB. one owner. OC. tenancy in common. ⒸD. several successive owners. Mark for review (Will be highlighted on the review page) Les PreviousOJELU StorIn 2022, Ellen and Ed, married filing jointly, had $10,000 mortgage interest, $2,000 real estate taxes, $2,000 state income tax, and medical expenses of $2,000. Assuming they had an adjusted gross income of $50,000, which of the following is TRUE? Question 12Select one: a. They should take a standard deduction of $24,000. b. They should take a standard deduction of $12,000 c. They should take an itemized deduction of $14,000. d. They should take an itemized deduction of $16,000.1. a. How do property rules and liability rules each protect property rights? b. Which one is ideal, and why do we need to use the other one regardless? c. How do property rules and liability rules apply to trespass and nuisance?
- Your insureds occupy a single family detached dwelling. For economic reasons, they are considering renting the finished basement to a tenant. What affect will this have on their Homeowners Policy? O A) None at all. Renting part of a dwelling is not considered a commercial activity. O B) They will have to install a smoke detector in the basement and the policy will then be in full force. O C) The policy will have to be cancelled and re-issued on a Secondary Dwelling form. O D) The policy must be endorsed to declare it is no longer a single family, owner- occupied dwelling."Lou-anne is a member of her employer's registered pension plan. Her employer contributed $5,000 to the plan; Lou-anne contributed $2,500. What statement is true? O a) Lou-anne can deduct her contribution from her taxable income; she must include her employer's contribution in her income. O b) Lou-anne can deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Oc) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is not considered a taxable benefit. Od) Lou-anne cannot deduct her contribution from her taxable income; her employer's contribution is considered a taxable benefit.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
- Old Alfred Road, who is well-known to drivers on the Maine Turn- inflation. That is, they will be automatically increased in propor- pike, has reached his seventieth birthday and is ready to retire. Mr. tion to changes in the consumer price index. Road has no formal training in finance but has saved his money and invested carefully. Mr. Road owns his home-the mortgage is paid off-and does not want to move. He is a widower, and he wants to bequeath the inflation, but the interest on his investment portfolio will not. house and any remaining assets to his daughter. He has accumulated savings of $180,000, conservatively the interest from his investment portfolio? How much could he invested. The investments are yielding 9% interest. Mr. Road also has $12,000 in a savings account at 5% interest. He wants to keep value intact? the savings account intact for unexpected expenses or emergencies. Mr. Road's basic living expenses now average about $1,500 per month, and he plans to spend $500 per…5.Individual A is hired to assist a local fitness center that has been struggling financially for the past few years. After analyzing the situation, Individual A identifies several changes that may increase the efficiency of the club's operations and is committed to helping the company implement that change. Individual B recently accepted a job with a local catering business. Though the catering business has excellent food, good service, and reasonable prices, it is struggling to gain adequate market share. Individual B believes that the company lacks a fundamental sense of direction and has plans to help the company articulate a new mission. What is the role of Individual A as compared to Individual B? A.Individual A and B are both managers. B.Individual A is a leader, and Individual B is a manager. C.Individual A is a manager, and Individual B is a leader. D.Individual A and B are both leaders.In 2019 Lisa and Fred a married couple had taxable income of $312000, if they were to file seperate returns Lisa would have reported taxable income of $129,000 and Fred would have reported taxable income of 183,000. What is the couple's marriage penaty or benefit?
- T/F 9. The followings are three substantive requirements of a lease agreement except?A. There must be certainty of duration.B. The lessee must be granted exclusive possession of the premises.C. The lease is granted in consideration of the payment of rent.D. The lessor must be the owner of the property.Jane, age 41, and Karen, age 54, are co-owners of a successful interior design business with eight employees. They have come to you wanting advice about installing a qualified retirement plan for their business. Since they are the co-owners they would like a larger share to be contributed on their behalf than is contributed for the common-law employees. They would also like the contribution into the plan for themselves to be as equal as possible. Of the plans listed, which one would be the best plan, given the scenario provided?George 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