Subchapter S shareholders can deduct corporate losses from their ...

[Evvie72]

Subchapter S shareholders can deduct corporate losses from their personal income.
  Indicate whether the statement is true or false

Question 2

William Pajak married his third wife, Audrey, one day after they entered into a prenuptial agreement by which Audrey waived any and all interests in William's estate. William had four children from his two previous marriages and wished for his property to go to them. Audrey was a secretary at Carolina Furniture Company, William's business. She had a tenth-grade education and did not read the agreement before signing it. The agreement was drafted by William's lawyer, and the lawyer was present while Audrey signed the agreement. Audrey also indicated that she knew William owned the furniture store, but she knew of no other holdings. In fact, William's property and estate were quite extensive. Shortly after their marriage, William passed away. Audrey claimed an interest in the estate because the prenuptial agreement was invalid. The children claim that Audrey understood the agreement and chose not to seek advice. Should Audrey be entitled to a spouse's share of the estate?

[Tonyam972]

Answer to Question 1

TRUE

Answer to Question 2

The court held the prenuptial agreement was valid. William did not mislead Audrey. Audrey made no effort to read the agreement or have a lawyer look at it. Pajak v. Pajak, 385 S.E.2d 384 (W.Va. 1989).

[Evvie72]

Thank you

[Tonyam972]

No problemo