Question
Jamie and Justin purchased an apartment building as tenants in common. Jamie paid $500,000 for the purchase and Justin paid $250,000. Which of the following
Jamie and Justin purchased an apartment building as tenants in common. Jamie paid $500,000 for the purchase and Justin paid $250,000. Which of the following statements is true?
If Jamie dies when the building is valued at $1.5 million, Jamie may leave her share of the building to her nephew, Kyle.
If Jamie dies when the building is valued at $1.5 million, $750,000 will be the amount that goes into her gross and probate estates reflecting her ownership.
If Jamie dies when the building is valued at $1.5 million, Justin will automatically inherit her share of the building.
If Jamie dies when the building is valued at $1.5 million, the building must be sold so Jamies estate can receive the cash.
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