- Study guides, Class notes & Summaries

What is a demonstrative bequest? - correct answer A demonstrative bequest is defined as a bequest of a certain sum of money, stock, or other property payable out of a particular fund, property, or security. What is ademption by extinction? - correct answer Ademption by extinction occurs when the testator devises a specific piece of property in his will and the testator no longer owns that property at death. The majority...

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6 pages

Written in 2024/2025

Grade A+

RealGrades

3 Statutory Exclusions to Ademption - correct answer 1. Insurance proceeds for lost, damaged or destroyed property paid after T's death; 2. Proceeds under an executory K (not fully performed) paid after T's death; 3. Proceeds from a guardian or conservator's sale of specifically bequeathed property if money can be traced. Ademption - correct answer If a T makes a specific gift of property, and the property cann...

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1 pages

Written in 2024/2025

Grade A+

RealGrades

what is the definition of "overpayment"? why is the concept important? - correct answer includes payment of any internal revenue tax that is assessed or collected after the applicable statute of limitations has expired; a payment in excess of what property should have been assessed or collected as tax; Lewis v. Reynolds case for definition what is a section 6411 "quick refund"? - correct answer when there...

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3 pages

Written in 2024/2025

Grade A+

RealGrades

Materials that are explosive, flammable, poisonous, corrosive, or oxidizing are considered - correct answer Hazardous Who should members consult with when exposure is unavoidable - correct answer Bioenvironmental What are the 3 aspects that make up a flammable hazard - correct answer Fuel, oxygen, and a source of ignition The most dangerous explosives are comprised of - correct...

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2 pages

Written in 2024/2025

Grade A+

RealGrades

Characteristics of lead - correct answer Metal, Gray, Soft, Heavy, Blocks radiation & Toxic What common consumer products could contain lead? - correct answer Paint, Bullets, Fishing sinkers, Solders, Ceramic, X-ray block, vinyl, plastic, weights, pewter, batteries, flashing & leaded crystal glass What was lead used in these products - correct answer Durable, drying agent, prevent...

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16 pages

Written in 2024/2025

Grade A+

RealGrades

Exempt the beneficiary from paying certain taxes, such as property tax or sales tax. - correct answer Contract obligated income - correct answer Revenue stream that a team recieves under multi-year contracts. - correct answer Asset-backed securities - correct answer Instead of borrowing from a bank, a franchise might package guaranteed COI or...

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4 pages

Written in 2024/2025

Grade A+

RealGrades

Common Law Rule for Lapsed Devises - correct answer The common law rule is that a gift made by will is subject to a condition that the devisee survive the testator, unless the testator specifies otherwise turn on whether the devise is specific, general, or residuary Applies if the will does not provide otherwise and an anti lapse statute is not applicable Tuen on whether the devise is specific, general, or residuary is the majority rule in most ...

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5 pages

Written in 2024/2025

Grade A+

RealGrades

abatement - correct answer The local city council decides to reduce the assessment rate for a major corporation that is relocating to the area to build a manufacturing plant. Such a reduction is termed: The term appurtenance: - correct answer "Means, run with the land" right of disposition - correct answer gives a property owner the right to sell or transfer all or part of t...

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7 pages

Written in 2024/2025

Grade A+

RealGrades