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sesenic [268]
3 years ago
7

A landowner granted Blackacre "to my nephew, his heirs and assigns, provided that he is survived by issue of himself and his wif

e, Sally, but if he dies without issue of Sally and himself, then to the county hospital." The nephew took possession of Blackacre and used it wisely for many years. Unfortunately, Sally died without having had any children. The nephew remarried, and his new wife, a geologist, discovered huge deposits of gold in the northeastern corner of Blackacre.
Does the nephew have the legal right to open a mine to extract gold from Blackacre?

(A) No, because after Sally died childless, the nephew has no further ownership interest in Blackacre.

(B) No, because after Sally died childless, the nephew is only a life tenant of Blackacre.

(C) Yes, because the nephew holds a fee simple determinable.

(D) Yes, because the nephew holds a fee simple defeasible.
Business
1 answer:
borishaifa [10]3 years ago
4 0

Answer:

D) Yes, because the nephew holds a fee simple defeasible.

Explanation:

Since the nephew holds a simple fee defeasible, he can use Blackacre as he pleases as long as he is alive. Since his former wife (Alice) died, then after his death Blackacre will pass to the county hospital, but as long as he is still alive, he can extract gold from Blackacre.

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Miller and Sons' static budget for 9,500 units of production includes $44,100 for direct materials, $52,600 for direct labor, va
EastWind [94]

Answer:

The correct answer to the following question is , direct material is equal to $64,525, direct labor is equal to $76,962, variable utility is equal to $9072 and supervisor salary is $15,700

Explanation:

Given information -

Budget for 9500 units of production, where

Direct material = $44,100

Direct labor = $52,600

Variable utilities = $6,200

Supervisor salaries which is a fixed cost is = $ 15,700

Calculating the direct material, direct labor and variable utilities when budget is of 13,900 units -

Direct material  = $44,100 x 13,900 / 9500

= $64,525 ( approximately )

Direct labor = $52,600 x 13,900 / 9500

=$ 76,962 (approximately )

Variable utilities = $6,200 x 13,900 / 9500

= $9072 (approximately )

Supervisor salaries is fixed cost = $15,700

6 0
3 years ago
How much of the following is taxable? a. Cheline, an actress, received a $6,400 gift bag for attending the Academy Awards Ceremo
Bingel [31]

Answer:

A. $6,400

B. $240

C. $1,000,000

D. $30,000

Explanation:

Requirement A, C, and D:

Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.

The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.

Requirement B:

There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.

6 0
4 years ago
Brief Exercise 13-05 Pronghorn Inc.’s $11 par value common stock is actively traded at a market price of $14 per share. Pronghor
laiz [17]

Explanation:

The journal entry for issuance of the stock for acquiring the land is shown below:

Land A/c Dr   $82,600               (5,900 shares × $14 per share)

       To Common stock A/c $64900           (5,900 shares × $11 per share)

       To Additional paid-in capital in excess of par - Common stock A/c $17,700             (5,900 shares × $3 per share)

(Being the issuance of the stock for acquiring the land is recorded)

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What is the present value of the following series of payments:
Alex787 [66]

Answer:

he made about 300

Explanation:

5 0
3 years ago
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kobusy [5.1K]

Answer:

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Explanation:

7 0
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