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answer asap!!! please!!! will upvote! Which of the following will Navneet have to report as rental income on her Statement of Real Estate Rentals (Form
answer asap!!! please!!! will upvote!
Which of the following will Navneet have to report as rental income on her Statement of Real Estate Rentals (Form T776)? I. Payment from her tenant, Anita, for cancelling her lease. II. Payment of $1,000 per month for erecting a billboard on her vacant land. III. Noor who is providing free day care services to Navneet in lieu of rental payments. IV. Payment for a few months by George to affix a sign on one of Navneet's buildings indicating an upcoming sale. a) I Only b) I and IV c) II and IV d) All of the above Emerald has been named as beneficiary of a $100,000 life insurance policy in her late brother John's will. The policy was on John's life. After the date of the will John had assigned the policy absolutely to his business partner, as part of a buy-sell agreement. The partner had assumed responsibility for the premium payments, but had never taken steps to record a change of beneficiary to himself with the insurance company. The assignment took place after the date of the will and its direction about the policy beneficiary. The original beneficiary appointed at the time the policy was issued was John's estate. Given the circumstance, how is the insurance company likely to administer the death benefit proceeds? a) Since Emerald has been appointed as the beneficiary of the policy proceeds under the will, she is entitled to the death benefit. b) Since the policy has been assigned absolutely to the business partner, he is entitled to the death benefit proceeds, c) Since the appointment of John's estate is the only designation officially recognized by the insurance company, the proceeds will be payable to John's estate. d) Since Emerald and John's business partner each have a legitimate claim for the proceeds each will receive 50% of the death benefitStep by Step Solution
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