When Dr. Witlin died, his wife inherited his 2.654 percent share of a partnership that owned a

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When Dr. Witlin died, his wife inherited his 2.654 percent share of a partnership that owned a hospital. As the partnership agreement called for, the dead partner's share was paid off. The amount paid was based on the financial records at the time of the payment. The other partners did not reveal that they were in the process of selling the hospital, which soon happened, and more than tripled the value of the partners' shares. Was Mrs. Witlin due the sale price of the hospital or its value based on financial records at the time of her husband's death? [Estate of Witlin, 83 Cal.App.3d 167, Ct. App., Calif. (1978)]

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...
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The Legal Environment of Business

ISBN: 978-0538473996

11th Edition

Authors: Roger E Meiners, Al H. Ringleb, Frances L. Edwards

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