For purposes of this task assume the following fact pattern: You have inherited a small 2 bedroom
Question:
For purposes of this task assume the following fact pattern:
You have inherited a small 2 bedroom bungalow in Tampa, FL. The address of this home is 215 West John Street, Tampa, FL 33604. You do not plan to move into the property but rather to use it as a rental property for at least one calendar year to act as an additional income stream as you get your new business up and running.
Since you will be so busy with your new business, you have decided to ask your friend, Monica Gellar, to manage the property for you. You desire to give Monica full control over managing the property (entering into leases, arrange maintenance and repairs, etc..) and would even like to bestow upon her the power to sell the property if a buyer offers more than $200,000 for the home.
Your Assignment for this task is as follows:
Part A - Draft a letter to your friend Monica requesting that she take on the responsibilities as your attorney-in-fact for the property. In this letter outline your request and reason for it.
Part B - Attach to your letter to Monica a copy of a proposed Power of Attorney to execute upon her acceptance of the offer.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill