Reference no: EM1380565

Q. In 1990, Jones also Smith entered into a partnership for purpose of raising cattle also hogs. Two men were to share equally all costs, labour, losses also profits. Business was started on land owned initially by Smith's parents but later acquired by Smith also his wife. No rent was ever requested or paid for use of land. Partnership funds were used to bulldoze also clear land, to repair also build fences also to seed also fertilize land. In 2000, at a cost of $2,487.50, a machine shed was built on land. In 2005, a Deere unit was built on land at a cost of $8,000. When partnership dissolved in 2008, Jones paid Smith $7,500 for "removable" assets; explain however, two had no agreement regarding distribution of barn also Deere unit. Jones sues Smith, claiming he is entitled to one-half of value of two buildings. Is Jones entitled to one-half of value of two buildings? Explain.