A and B Enter into a Lease for B's Property

question 62

Multiple Choice

A and B enter into a lease for B's property.Under the lease,which has no specific term,A makes his payments monthly.In this case,at the end of each month

• A)the lease becomes a license.
• B)the lease becomes a tenancy at sufferance.
• C)the lease becomes a tenancy at will.
• D)the lease comes to an end.
• E)the lease is automatically renewed for another month.

---

Definitions:

Revenue Ruling

A Revenue Ruling is an official interpretation by the IRS on how the law is applied to a specific set of facts, providing guidance for taxpayers.

Total Tax Liability

The total amount of taxes owed to the federal, state, or local government within a given tax year.

Taxable Income

The portion of income that is subject to income tax after adjustments, deductions, and exemptions.

Trial Courts

Courts that have original jurisdiction to hear and judge cases by applying the law to facts presented in trials.