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Question: Concurrent Ownership. In July 2003, Chester Dellinger and his son Michael opened a joint bank account with Advancial Federal Credit Union in Dallas, Texas. Both of them signed the "Account Application," which designated Chester as a "member" and Michael as a "joint owner." Both of them received a copy of the "Account Agreement, Disclosures and Privacy Policy," which provided that "a multiple party account includes rights of survivorship." Chester died in February 2005. His will designated Michael as the executor of the estate, most of which was to be divided equally between Michael and his brother, Joseph, Chester's other son. Michael determined the value of the estate to be about $117,000. He did not include the Advancial account balance, which was about $234,000. Joseph filed a suit in a Texas state court against Michael, contending that the funds in the Advancial account should be included in the estate. Michael filed a motion for summary judgment. Who owned the Advancial account when Chester was alive? Who owned it after he died? What should the court rule? Explain.
The assignment in Law deals with the topic "Legal Environment of Business". A case study about Mary, a newly joined employee who is working in the USA and Europe. She faces few issues at her work place in Europe and tries to talk to her manager who s..
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Company Law, Application of Law to Facts and Conclusion.
This assignment related to business law.
Answer all the questions under business law.
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Advise what tax consequences arise in respect of the payments.
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