Which of the following statements regarding SCINs is correct? If the seller outlives the SCIN term,...

Which of the following statements regarding SCINs is correct?

If the seller outlives the SCIN term, the buyer continues to pay the SCIN payment until the seller’s death.

The payments received by the seller under a SCIN are treated as interest income.

A SCIN can give the seller a collateral interest in the property sold.

If the seller dies before the end of the SCIN term, the seller is deemed to have made a taxable gift to the buyer equal to the difference between the payments made and the total principal payments due on the SCIN.

Expert Solution

Answer B is correct option.as SCIN payment received by seller considered as interest payment

Answer A is incorrect because SCIN payments cease at the earlier of the death of the seller or the end of the SCIN term.

Answer C is incorrect because a SCIN can allow the seller to retain a collateral interest in the property sold.

Answer D it is also incorrect because this situation may occur when SCIN is not properly designed .

jeff jeffy answered 2 years ago

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