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The intestate leaves no spouse but children
The net estate devolves upon the surviving children and is divided equally between them. If any child has not, at the time of intestate's death, reached his majority, his share of property will be held in trust until he reaches the age of 18 years or, in the case of a female until she marries under that age.Example:
Mr A dies intestate; his wife Mrs A died some years ago. Mr A is survived by his sons B (22 years old) and C (18 years only). His daughter is at school; she is not yet married. His net estate is worth Shs.3m. How will his property be divided?It will be divided equally between B, C and D. D's share will be held in trust see Chapter 8) until she reaches the age of 18 years, or until she marries, if she marries before she reaches the age of 18. If a child of the deceased intestate predeceases him, but leaves his or her own issue (i.e. children, grandchildren, etc.), then the issue take, through degrees, in equal shares, the share which their parent would have taken had he not pre-deceased the intestate (PER STIRPES RULE).
State the term Reliability- Accounting Information Accounting must be free from significant error or bias. It must be capable of being relied upon by managers to represent
DUTIES OF TRUSTEES 1) Not to profit from the trust : A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the
Problem1 Derive from first principles an expression for the variance of the benefits payable under an endowment assurance with benefits payable at the end of the year of death.
COMPOSITIONS AND SCHEMES OF ARRANGEMENT The debtor may lodge a written proposal with the Official Receiver for a composition or other arrangement of his affairs within four day
Which of the following was the first private sector entity that set accounting standards in the United States? a. Accounting Principles Board b. Committee on Acocounting Procedure
Disclaimer The liquidator may disclaim onerous property consisting of: 1. Land burdened with onerous covenants; 2. Stocks and shares; 3. Unprofitable contracts, or 4.
Holding company with more than one subsidiary company Under this type of structure, the holding company controls more than one company. For example H ltd may Own 80% of S1, 75%
Can you do the attacched quections by Monday?
A gift of residue Where property is not given by a specific legacy nor by a general legacy, it makes up the residue of the testator's estate. If the testator fails to make a g
Q. Dividends in arrears on cumulative preferred stock a. are shown in stockholders' equity of the balance sheet. b. must be paid before common stockholders can receive a dividend.
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