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PROTECTIVE TRUSTS
The income of property may be settled on such terms as to restrict its availability to creditors of the beneficiary in the following ways:(a) Determinable interests:In this case the interest of the beneficiary ceases on alienation or bankruptcy. Note that a person cannot settle property on himself until bankruptcy since this would defeat the claims of his creditors.
(b) Discretionary trusts:In this case the trustees have a complete discretion whether to pay the income to the beneficiary or not.
(c) Protective trustsIf income is settled on "protective trusts", this operates to give –
Tim purchased a used office building on May 15, 2001, for $2,000,000. $500,000 of the purchase price was allocated to the land. On November 1, 2010 the building was sold. What is t
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This lab assignment will correspond to developing a cash flow budget with an operating loan. There is on lab exercise listed below. Additionally, there are two assignment questions
How is Accounting information useful to A prospective Investor?
Liquidity Ratios - These ratios include the Current Ratio and the Quick Ratio or the acid test ratio. Liquidity ratios show the Liquid position of a company in the short term i.e
Adjusting Entries Clapton Guitar Company entered into the following transactions during 2013. [The transactions were properly recorded in permanent (balance sheet) accounts unless
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