subject
Law, 09.12.2020 04:10 alex24gonzales

When the father of Stephen and Chris Nuss died, the two boys, aged 15 and 12 years, began to work the family farm. While the boys were still under the age of majority, their mother, Lois, kept the books Page 727for the farm. As the boys grew older, they took more and more responsibility in running the farm. They also rented and worked additional acres of farmland. They financed these rental agreements on their own, but their mother co-signed for the arrangements. The boys also purchased additional farmland. Again, their mother helped in this purchase by co-signing. When Chris decided to leave farming, Stephen paid him $100,000, and in exchange, Chris signed over the deed to the newly purchased land. Lois was not involved in this transaction. Stephen’s farming business grew. He eventually amassed more than 1,200 acres. He and his wife, Linda, kept their own financial records and maintained their own checking account for the running of the farm. Stephen’s mother was not involved in any of this detail. However, Stephen continued to pay many of the expenses involved on the original farm, where his mother still maintained her residence. Stephen also paid the insurance, maintenance, and repair expenses on all buildings and equipment on the original farm. Because Stephen continued to farm this land, in addition to the land he had subsequently purchased, these payments were always characterized as rent. No other payments went to Stephen’s mother. When Stephen died, Linda, his widow and executor, claimed that a partnership existed and that the farm equipment on the original acreage and original acreage itself belonged to that partnership. Lois argued that no partnership between Stephen and her existed. Is Linda or Lois correct? Did a partnership exist? Explain. [See: In re Estate of Nuss, 646 N. E.2d 504 (OH).]

ansver
Answers: 2

Other questions on the subject: Law

image
Law, 03.07.2019 15:10, starsinopoli13
Force protection condition delta means that your base is at which one of the following? (introduction to antiterrorism, page 10) the least increased level of protection the most increased level of protection a medium level of protection
Answers: 2
image
Law, 03.07.2019 15:10, oktacos
When was virginia conflict of interest and ethics advisory council created?
Answers: 3
image
Law, 16.07.2019 21:40, KekePonds1021
How many districts are there in the federal reserve system
Answers: 1
image
Law, 16.07.2019 23:40, kookycookiefanx
Asystem in law enforcement that includes different stages of criminal proceedings [courts, police, lawyers etc.] question 19 options: criminal justice paralegal studies forensics communications
Answers: 1
You know the right answer?
When the father of Stephen and Chris Nuss died, the two boys, aged 15 and 12 years, began to work th...

Questions in other subjects:

Konu
Spanish, 21.05.2021 04:30
Konu
Mathematics, 21.05.2021 04:30
Konu
Mathematics, 21.05.2021 04:30