Personal checking account

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Reference no: EM13972665

In each of the following cases, determine who is taxed on the income:

a. Camille owns several rental properties that produce $3,000 in income each month. Because of the age of the properties, Camille is concerned about her potential liabil- ity from accidents on the property. On June 1, she forms the CAM Rental Corpora- tion and transfers ownership of the rental properties to the corporation. The tenants continue to pay Camille the monthly rent, which she deposits in her per- sonal checking account.

b. Jimbob owns royalty interests in several oil wells. On March 1, Jimbob instructs the payers of the royalties to pay half of each royalty payment to his son Joebob.

c. Assume the same facts as in part b, except that on March 1, Jimbob gifts a half interest in each royalty contract to Joebob.

Reference no: EM13972665

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