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The more important tax aspect of a transmutation agreement is the effect that it has on basis step-up (or step-down) at death. If the spouses had held the property separately in joint tenancy with a right of survivorship, the surviving spouse would automatically receive his or her half of the property by operation of law through the original ...
Property tax exemption for homes of totally disabled veterans; Income tax deductions, credits, rates exemption, and estimates; Wages of an employee working for one's spouse are exempt from federal unemployment tax [5] Joint and family-related rights: Joint filing of bankruptcy permitted; Joint parenting rights, such as access to children's ...
Section 2032 provides an alternate method of determining the property's new basis. If the property is not disposed of within six months of the decedent's death, the executor may elect to use the property's fair market value six months after the date of death but only if such an election results in a decrease in the value of the gross estate. [2]
In Olins v Walters [2009] 2 WLR 1 C.A. [6] the Court of Appeal has held that although it is a necessary condition for mutual wills that there is clear and satisfactory evidence of a contract between the testators, it is a legally sufficient condition that the contract provides, in return for one testator agreeing to make a will in a particular ...
The Texas Department of Housing and Community Affairs (TDHCA) is the state's lead agency responsible for homeownership, affordable rental housing, community and energy assistance programs, and colonia activities serving primarily low income Texans. The Manufactured Housing Division of TDHCA regulates the manufactured housing industry in Texas.
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee. [1]
Texas law only allows cities to permit local rent control ordinances in certain cases. The city must determine that there is a housing emergency and a state of disaster must be declared.
The Inclusive Communities Project is a Texas-based non-profit organization that helps low-income families obtain affordable housing. [5] In 2008, they filed suit against the Texas agency responsible for administering these tax credits, claiming it disproportionately allocated too many tax credits "in predominantly black inner-city areas and too ...
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