Beginning about 1998, Allan Fieldgrove leased farm land to Kenny Wilson (Kenny) under an oral year-to-year...
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Beginning about 1998, Allan Fieldgrove leased farm land to Kenny Wilson (Kenny) under an oral year-to-year lease agreement, with an annual term from March 1 through the end of February each year. Rent was paid in cash. The most recent lease between Allan Fieldgrove and Kenny ran from March 1, 2007, through February 29, 2008. Kenny died on August 4, 2007. Cindy Wilson was the sole beneficiary of Kenny's estate. Mrs. Wilson and her sons continued farming the land after Kenny's death. On at least four occasions following Kenny's death, Mrs. Wilson or her sons communicated to Mr. Fieldgrove their intention to continue farming the land in 2008. Mr. Fieldgrove never gave written notice to any member of the Wilson family of his intention to terminate the farm lease. Mrs. Wilson and her sons kept farming the land during 2008. On March 1, 2008, without further action by either party: O The lease had ended. O The lease would continue for another period. O The lease could not be renewed. Mrs. Wilson was a tenant at will. Beginning about 1998, Allan Fieldgrove leased farm land to Kenny Wilson (Kenny) under an oral year-to-year lease agreement, with an annual term from March 1 through the end of February each year. Rent was paid in cash. The most recent lease between Allan Fieldgrove and Kenny ran from March 1, 2007, through February 29, 2008. Kenny died on August 4, 2007. Cindy Wilson was the sole beneficiary of Kenny's estate. Mrs. Wilson and her sons continued farming the land after Kenny's death. On at least four occasions following Kenny's death, Mrs. Wilson or her sons communicated to Mr. Fieldgrove their intention to continue farming the land in 2008. Mr. Fieldgrove never gave written notice to any member of the Wilson family of his intention to terminate the farm lease. Mrs. Wilson and her sons kept farming the land during 2008. On March 1, 2008, without further action by either party: O The lease had ended. O The lease would continue for another period. O The lease could not be renewed. Mrs. Wilson was a tenant at will.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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