1. Joe & his best friend Sam decide to go into business together. After many discussions, Joe...
Question:
1. Joe & his best friend Sam decide to go into business together. After many discussions, Joe and Sam decide to become real estate investors. They decided to purchase a duplex in the downtown core as their first investment. a. Describe how you will take title of the property and the reasons. (5 points) b. What name will you use to take title. (5 points) c. What are the advantages and disadvantages of the type of acquisition you decided on? (5 points)
2. After several years of operating the duplex, Joe and Sam decide to expand and purchase a 25- unit multifamily building. Their realtor has presented then with a couple of options costing $2.5 million. How should they title this new acquisition? Explain why you will use this form of ownership. (10 points)
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver