Hiro Nakamura and Niki Sanders own a house in joint tenancy. Sanders dies, leaving a will that attempted to give her interest in the house to her mother, Jessica Larter
a. The will as the last expression of the Sander's intent is operational and interest in the house goes to. Jessica Larter.
b. As Nakamura's interest is perfected at the moment of Sanders's death, there is no interest left to convey by will.
c. The courts when faced with two contrary documents refuse to honor either. The interest in the house will pass intestate to lineal decedents.
d. Joint tenancy agreements unless between related persons are determined by the courts to be void. The property goes to Jessica Larter.
b
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The acquisition or construction of a capital asset is known as a capital investment
Indicate whether the statement is true or false
Baker, an unmarried individual, sold a personal residence, which has an adjusted basis of $70,000, for $165,000. Baker owned and lived in the residence for 7 years. Selling expenses were $10,000. Four weeks prior to the sale, Baker paid a handyman $1,000 to paint and fix-up the residence. What is the amount of Baker's recognized gain?
a. $85,000 b. $84,000 c. $0 d. $95,000