ZuoTi.Pro
Question

Jay owns a duplex that he leases to Kit and Leo. Jay may sell the duplex...

Jay owns a duplex that he leases to Kit and Leo. Jay may sell the duplex

a.

only with Kit and Leo’s permission.
b.

to any party at any time.
c.

only to Kit and Leo.
d.

only after the lease expires and Kit and Leo move out.
Social-Sciences   psychology   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Right answer- b) to any party at any time.

Explanation- Lease refers to a contract by which a person can give his property to someone else for a particular period of time in return to some amount of money. People lease something when they have an urgent need of money. Here Jay seems to be in need of money so he can now sell his property to any party for a good price.

0 0
Add a comment
Know the answer?
Add Answer to:
Jay owns a duplex that he leases to Kit and Leo. Jay may sell the duplex...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Jay owns 80% of Crystal Corporation stock. He transfers a business automobile to Crystal in exchange...

    Jay owns 80% of Crystal Corporation stock. He transfers a business automobile to Crystal in exchange for additional Crystal stock worth $12,000 and Crystal's assumption of both his $2,500 automobile debt and his $5,500 education loan. The automobile originally cost Jay $22,000 and, on the transfer date, has a $10,500 adjusted basis and a $20,000 FMV. Read the requirements. Requirement a. What are the amount and character of Jay's recognized gain or loss? Jay realizes a C D and recognizes...

  • Leon Landlord owned a duplex in the state of Navasota, which follows the majority common law...

    Leon Landlord owned a duplex in the state of Navasota, which follows the majority common law rules on matters of landlord and tenant law. Leon resided in one unit of the duplex and rented the other unit in the duplex to Teresa Tenant. Leon told Teresa, "you pay me $5,700 for a six month lease. Rent is $950 a month due on the first day of each month. After that, we can agree to go month-to-month." Teresa agreed to these...

  • An investor owns a portfolio of bonds of various credit quality.  He is particularly concerned that one...

    An investor owns a portfolio of bonds of various credit quality.  He is particularly concerned that one of the issuers may default.  To protect against this risk, the investor may choose to _____. A) sell a credit default swap B) buy a covered call C) buy a credit default swap D) sell protective put Doug purchased a bond issued in Euros.  At the time of the purchase the Euro/US$ exchange rate was 1.13.  (One Euro = 1.13 US$).  After one year, the bond had a...

  • T-15: Billy owns several parcels of rental real estate, and he actively participates in managing the...

    T-15: Billy owns several parcels of rental real estate, and he actively participates in managing the properties. His total loss from these activities in 2018 is $30,000 and his AGI for 2018 is $110,000. For how many years may any disallowed loss be carried forward? a.         The disallowed loss may not be carried forward. b.         The disallowed loss may be carried forward for 15 years. c.         The disallowed loss may be carried forward for 15 years, but only after it...

  • The taxpayer incurs the following expenses in relation to business premises he leases in a 711...

    The taxpayer incurs the following expenses in relation to business premises he leases in a 711 shop. $500 - Payment of a penalty to the council, for breaching certain by-law $1,000 - Bond forfeiture given repairs were required by landlord after taxpayer's lease had ended $4,000 - Re-painting of the walls, which had been painted 4 years before $6,000 - Payment to replace a wooden floor with a concrete floor and tiles. What deductions are available to the taxpayer under...

  • a) Egerton Sacco owns a property worth Kshs. 1.5 Million. The Sacco can sell this property...

    a) Egerton Sacco owns a property worth Kshs. 1.5 Million. The Sacco can sell this property at Ksh. 1 million to finance a new venture which will generate a new income of Kshs. 700,000 per year before tax. The same property will cost the Sacco Kshs. 200,000 per year to lease. The venture is a trading business whose life span is estimated at 15 years and corporate tax is 35%. Advice the Sacco which is the best alternative. (6 marks)...

  • Harold owns a cranberry bog in which he grows cranberries

    Harold owns a cranberry bog in which he grows cranberries. Harold’s farm is a competitive, profit-maximizing firm. As such, Harold much decide(i): how many cranberries to sell.(ii): what price to charge for his cranberries.(iii): what wages to pay his workers.(iv): how many workers to hire. A. (i) only B. (ii) and (iii) only C. (i) and (iv) only D. (i), (ii), (iii), and (iv)

  • Mark is a U.S. resident who lives in Minnesota and who owns a second home in...

    Mark is a U.S. resident who lives in Minnesota and who owns a second home in Winnipeg. His only income consists of wages from his U.S. employer. The second home is used only by Mark and his​ family, and he does not rent it out for any portion of the year. Given these​ circumstances, Mark is subject to Canadian taxes​ ________. Choose the correct answer. A. on any income he earns while staying at the second home B. only if...

  • Which of the following is NOT true about a cooperative? A. A cooperative is a form...

    Which of the following is NOT true about a cooperative? A. A cooperative is a form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation. B. Usually, cooperative owners may not sell their shares or sublease their units without the approval of the other owners. C. Individual residents may secure loans for the units they occupy. D. The corporation can borrow money on a blanket mortgage, and each...

  • P20.18 Lanier Dairy Ltd. leases its milk cooling equipment from Green Finance Corporation. Both companies use IFRS 16. The lease has the following terms. The lease is dated May 30, 2020, with a lease term of eight years. It is non-cancellable and require

    P20.18 Lanier Dairy Ltd. leases its milk cooling equipment from Green Finance Corporation. Both companies use IFRS 16. The lease has the following terms.The lease is dated May 30, 2020, with a lease term of eight years. It is non-cancellable and requires equal rental payments of $30,000 due each May 30, beginning in 2020.The equipment has a fair value and cost at the inception of the lease of $211,902, an estimated economic life of 10 years, and a residual value (which...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT