Question

59. Which of the following is true with respect to nonprobate property?

  

1. it is not possible to dispose of it (a bequest or devise) by a will
2. it is not the property of the decedent.
3. it is property that goes to the surviving spouse.

60. Asher is a general partner in Tax Humor, a general partnership (comprised of 11 other general partners) that produces and sells tax humor routines to stand up comedians. The partnership owes a paper company $1,000. The partnership is unable to pay the debt. With respect to this debt, Asher is

  

1. personally liable to the full extent.
2. liable only to the extent of his capital contributions to the partnership.
3. only required to pay his share of the debt if sued by the paper company.

Answer 1

• 59. Which of the following......nonprobate property?

a. It is not possible to dispose of it (a bequest or devise) by a will. This is because a nonprobate property is a kind of property which is directly passed on to the heir of the deceased Without the involvement of court or any kind of will. The property is transferred to the descendant once he/she receives the death certificate of the deceased.

• 60. Asher is a general partner........Asher is,

a. Personally liable to the full extent. Under general partnership each partner is liable for the actions of the other partners or the organization as a whole. So, in case other partners are not able to cover up the losses due to some financial issues then the remaining partners are personally liable for all the incurred debts due to which there assets could also be sealed by the authorities.