Preparing a memorandum for the below case: Buddy Burlington has been married to his wife for 40
Question:
Preparing a memorandum for the below case:
Buddy Burlington has been married to his wife for 40 years. Buddy had to go out of town on business. When he returned, he found his wife lying on the floor in a pool of blood. Distraught over his wife's violent death, Buddy went into a deep depression. Buddy was not a worldly person; he originally was from a small village in New Guinea. His reading and speaking skills in English were extremely limited. He had worked hard all his life and was devoted to and dependent on his wife. A week after his wife's death, his neighbor, Horace Evans, came to his home and told him that the police suspected him of killing his wife and that the neighbors were going to kill him if he did not leave town immediately. Having five acres of land in the country in upstate New York, Horace offered Buddy $10,000 for the house and the land. This represented one-tenth of the value of the property. Horace told Buddy that if he executed the deed to the property by tomorrow, he could leave quietly with the $10,000. Frightened, Buddy executed the deed and left to live with his son in Ohio. After his son heard what had happened, he contacted a lawyer to see if the transaction could be set aside. Your attorney requests that you research whether there is a basis to have the deed set aside.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill