James and Linda engaged in the grocery business as partners. In one year they earned considerable money,

Question:

James and Linda engaged in the grocery business as partners. In one year they earned considerable money, and at the end of the year they invested part of the profits in oil land, taking title to the land in their names as tenants in common. The investment was fortunate, for oil was discovered near the land, and its value increased many times. Is the oil land property? Why? Explain.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...