INSIDE: Jack Smith ... Evan Corcoran ... Jim Jordan
on Thomas--this feels like a Bar Exam question asking you to spot the issues and describe what further information you would need to know. EG:
Why no fair market value listed on the sale-tax document after putting all that money into it?
Was mama paying rent before? Was there a mortgage she was paying off? If so, did she pay all of the payments or 1/3?
Was mama paying tax and insurance before? Why, if it belonged to all three?
Did mama and brother family actually get THEIR 44K (the 133K divided by 3)
Did mama and brother pay for any of the improvements? Why not if they were co-owners
How was this all treated on income tax. Did CT claim it as a loss? How about mama and brother's family?
What was the basis in the house?
Where did mama et al get the house? Family home--from deceased dad? When? Basis bumped up to what?
on Thomas--this feels like a Bar Exam question asking you to spot the issues and describe what further information you would need to know. EG:
Why no fair market value listed on the sale-tax document after putting all that money into it?
Was mama paying rent before? Was there a mortgage she was paying off? If so, did she pay all of the payments or 1/3?
Was mama paying tax and insurance before? Why, if it belonged to all three?
Did mama and brother family actually get THEIR 44K (the 133K divided by 3)
Did mama and brother pay for any of the improvements? Why not if they were co-owners
How was this all treated on income tax. Did CT claim it as a loss? How about mama and brother's family?
What was the basis in the house?
Where did mama et al get the house? Family home--from deceased dad? When? Basis bumped up to what?