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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 25
Having learned that real property is conveyed by deed and that property that is owned by two people as joint tenants with right of survivorship passes automatically to the survivor at the death of one owner, consider the following scenario:
After her husband dies, Rose Markovitz lives with her daughter, Sandy Olsen, and her family in Markovitz's house, and Olsen pays the real estate taxes for Markovitz. In order to permit Olsen to deduct the real estate taxes on her income tax return, Markovitz executes a quitclaim deed to the house to herself and Olsen as joint tenants with right of survivorship. Markovitz tells her five other children that she is quitclaiming the house to Olsen as joint tenant only to enable Olsen to deduct the taxes that she pays for Markovitz. After Markovitz dies, Olsen claims that the house belongs to her alone by right of survivorship. Discuss the ethical considerations involved in this situation.
After her husband dies, Rose Markovitz lives with her daughter, Sandy Olsen, and her family in Markovitz's house, and Olsen pays the real estate taxes for Markovitz. In order to permit Olsen to deduct the real estate taxes on her income tax return, Markovitz executes a quitclaim deed to the house to herself and Olsen as joint tenants with right of survivorship. Markovitz tells her five other children that she is quitclaiming the house to Olsen as joint tenant only to enable Olsen to deduct the taxes that she pays for Markovitz. After Markovitz dies, Olsen claims that the house belongs to her alone by right of survivorship. Discuss the ethical considerations involved in this situation.
Explanation
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Quitclaim Deed:
Quitclaim deed - this t...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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