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Question V
Josefa executed a deed of donation covering a one-hectare rice land in favor of her daughter, Jennifer. The deed specifically provides that:
"For and in consideration of he love and service Jennifer has shown and given to me, I hereby freely, voluntarily and irrevocably donate to her my one-hectare rice land covered by TCT No. 11550, located in San Fernando, Pampanga. This donation shall take effect upon my death."
The deed also contained Jennifer's signed acceptance, and an attached notarized declaration by Josefa and Jennifer that the land will remain in Josefa's possession and cannot be alienated, encumbered, sold or disposed of while Josefa is still alive.
Advise Jennifer on whether the deed is a donation inter vivos or mortis causa and explain the reasons supporting your advice.
(a)Josefa executed a deed of donation covering a one-hectare rice land in favor of her daughter, Jennifer. The deed specifically provides that:
"For and in consideration of he love and service Jennifer has shown and given to me, I hereby freely, voluntarily and irrevocably donate to her my one-hectare rice land covered by TCT No. 11550, located in San Fernando, Pampanga. This donation shall take effect upon my death."
The deed also contained Jennifer's signed acceptance, and an attached notarized declaration by Josefa and Jennifer that the land will remain in Josefa's possession and cannot be alienated, encumbered, sold or disposed of while Josefa is still alive.
Advise Jennifer on whether the deed is a donation inter vivos or mortis causa and explain the reasons supporting your advice.
(b)Assuming that the just and equitable share of the industrial partner, P, in the profit in 2006 amounted to P 100,000, how much is the share of 0, a limited partner, in the P 800,000 net profit?
(c)In 2007, how much is the share of 0, a limited partner, in the net loss of P 500,000?
(d)Can the partnership creditors hold L, 0 and P liable after all the assets of the partnership are exhausted?
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