Do not assume unstated facts. The facts are intended to be complete. If the facts are ambiguous, state the alternative consequences that depend on the resolution of the ambiguity. No elections are made, or are in effect, unless the question specifically states. No parties are related, unless the question specifically states.
All parties are calendar year taxpayers.
Write your student exam number on the front of each bluebook or on each typewritten page. The examination has 3 pages after these instructions. The Honor Code and the functions of the Honor Committee apply to all examinations. Assume that Erik purchased the land for investment purposes. Erik expects to use the land acquired from Sean as the location of his new law offices.