In 2015, Jonah Sold a Building to His Two Married

question 42

Multiple Choice

In 2015, Jonah sold a building to his two married sons: Bert and Charles. In 2016, Charles was thinking of severing the joint tenancy, but before anything was said or done, Charles and Bert both drowned in a boating accident. Charles died immediately, but Bert died two months later, never having regained consciousness. Charles had willed his interest in the property to his wife and Bert had willed his to his son. On these facts, which of the following is true?

• A) As soon as they made the wills, the parties became joint tenants.
• B) Charles' wife and Bert's son now have a leasehold interest in the building.
• C) Charles' wife and Bert's son have now acquired possession through adverse possession.
• D) Bert's son is entitled to the whole property.
• E) Charles' wife is entitled to the whole property.

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Definitions:

Criminal Penalties

Legal sanctions that may be imposed for committing a crime, which can include fines, imprisonment, or other forms of punishment.

Tax Evasion

The illegal practice of not paying taxes by individuals, companies, and trusts, by means such as misrepresenting income to the tax authorities.

Careless Disregard

A lack of reasonable care or effort in the fulfillment of duties or responsibilities, often leading to errors or negative outcomes.

Dependent Child

A child who relies on their parent(s) or guardian(s) for financial support and meets certain IRS criteria to be claimed as a dependent for tax purposes.