Sunil and his brother Leandro set up an investment account with a bank, as Tenants in Common.
Question:
Sunil and his brother Leandro set up an investment account with a bank, as Tenants in Common. Each puts $25,000 into the account, and they buy and sell stock together, splitting all interest and dividend income equally, and sharing any losses equally. After about thirty years of doing this, the account has grown to a total of about $200,000. Sunil got married, and had one child, Arjun. Sunil’s wife unfortunately died in 2015. Leandro has never married, and has no children. Sunil died in February, 2020. Leandro is claiming ownership of the entire Investment account. Result if Arjun challenges Leandro in court? Everyone lives (or lived) in the State of Washington.
A. Leandro will be awarded ownership of the entire account.
B. Arjun will be awarded half of the account.
South western Federal Taxation 2017 Essentials of Taxation Individuals and Business Entities
ISBN: 9780357109144
20th edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen