[Family Dispute] When Leona and Oscar Married,they Both Had Children

question 48

Multiple Choice

[Family Dispute] When Leona and Oscar married,they both had children from previous marriages.After their marriage,Leona and Oscar purchased a home together as tenants by the entirety and lived there for many years.Oscar died when he was 93 and Leona was 95.Oscar's will left any property he owned to his son,David,who promptly told Leona that she needed to get out of the house.Leona told him to forget it.Leona died a week later.Her will left everything she owned to her daughter,Mina,who moved in the home and refuses to leave.Michelle,who had loaned Oscar $10,000,has filed a claim against any heir of Oscar or Leona,including David and Mina,claiming an interest in the home to satisfy the debt Oscar owed her.
-Which of the following is true regarding a tenancy by the entirety?

• A)It is a form of co-ownership still in existence in some states by which the husband has absolute control regarding any decisions made regarding improvement of the property.
• B)It describes a form of co-ownership by relatives,including married couples as well as brothers and sisters.
• C)It is another name for joint tenancy.
• D)It describes a form of co-ownership by married couples.
• E)It is another name for tenants in common.

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Definitions:

Pre-Acquisition Profits

Earnings of a subsidiary before control was taken by the parent company; these are not included in the consolidated profit and loss of the parent company.

Dividend Paid

Refers to the portion of a company's earnings that is distributed to its shareholders as a return on their investment.

Subsidiary

A company that is completely or majority-owned by another company.

Fair Value

Fair value is the estimated price at which an asset or liability could be exchanged between knowledgeable, willing parties in an arm's length transaction.