TASK
1.Michael, his mother, and his four siblings orally agreed that they would all play the lottery and that if any one of them should purchase a winning lottery ticket, all of them would share the money equally. Michael’s mother purchased the sole winning ticket for the $6 million lottery prize and informed the lottery commission that, per the family agreement, a six-person partnership had won the prize. Each of the six family members took an equal one-sixth share of the lottery proceeds. Explain whether Michael’s share of the lottery proceeds was income resulting from a partnership or a gift from Michael’s mother.
2. Anderson and Tallstrom are partners in Rancho Murieta Investors (RMI). Anderson owns 80 percent of RMI; Tallstrom owns the other 20 percent and is the managing partner of RMI. Hellman obtained judgments against Anderson in his individual capacity for more than $440,000. After various unsuccessful attempts to enforce the judgments, Hellman obtained an “Order Charging Debtor John B. Anderson’s Partnership Interest” in RMI. Despite the charging order, Hellman has not received any monies in satisfaction of the judgments because RMI had not generated profits and was not expected to do so in the near future. Explain what Hellman’s rights are with respect to the unsatisfied charging order.
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