Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

William's mum received a gift of $100,000 (from her first cousin) when William was 12 years of age. The gift was accompanied by a signed

William's mum received a gift of $100,000 (from her first cousin) when William was 12 years of age. The gift was accompanied by a signed letter stating the gift was:

to be applied for the benefit of William until he reaches the age of 21 years, as [William's mum] sees

fit",

William's mum immediately decided to invest the money on William's behalf by purchasing Ivanhoe

Manor, and she signed a document with her solicitor at the time of purchase declaring the true facts.

The land was eventually registered in her name.

Explain and advise William's mum of the likelihood of stamp duty being attracted under the Duties Act 2000 (Vie.) by her transferring the land from her name into William's name. Assume Ivanhoe Manor was purchased for $100,000 nine years ago and is now valued at $1,000,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Law For Health Informatics And Information Management

Authors: Melanie Brodnik, LaurieRinehart-Thompson, Rebecca Reynolds

3rd Edition

9781584265306

More Books

Students also viewed these Law questions

Question

What the major U.S. stock indexes are? LO.1

Answered: 1 week ago

Question

Discuss the scope of Human Resource Management

Answered: 1 week ago

Question

Discuss the different types of leadership

Answered: 1 week ago

Question

Write a note on Organisation manuals

Answered: 1 week ago

Question

Define Scientific Management

Answered: 1 week ago

Question

Explain budgetary Control

Answered: 1 week ago