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Which of the following is an indirect investment? a) Joint venture b) Property loan c) REIT d) Asset purchase   Please ensure accuracy and explain your choice

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What is the amount realized in a transaction? The gain on the sale of an asset The proceeds less the basis The sum of any money received plus the fair market value of other property received The portion of the gain that is recognized

In an acquisition of assets, the acquirer must give up which of the following? A. Other Assets B. Cash C. Liability D. Any of the given

question 22 choose the correct answer from the choices

The best evidence of fair value for an investment property is price in a binding sale agreement               fair value determined on the basis of observable data current price in an active market. management’s estimate of future cash flows multiplied by a discount rate

How do you determine the basis of acquired property in a like-kind exchange?  Give an example

(R) The balance sheet elimination for an intercompany profit in land involves the deduction of the after-tax profit from the "land" account. true or false

Which statement is correct regarding derecognition of financial assets?   A. Transfer of risks and rewards is evaluated by determining the transferee’s ability to sell the asset.   B. A sale and repurchase transaction where the repurchase price is a fixed price is a transfer of financial asset that qualifies for derecognition.   C. The entity shall continue to recognize the transferred asset in its entirety if the transfer does not qualify for derecognition because the entity has retained substantially all the risks and rewards of ownership of the transferred asset.    D. If an entity neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, the entity shall continue to recognize the transferred asset to the extent of its continuing involvement.

Fair value as a method of asset measurement is defined as: Multiple Choice O O the cost of an asset adjusted for the depreciation or amortization accumulated over its lifetime. price that would be received to sell assets in an orderly transaction between market participants on a given date. the net amount of cash into which an asset could be converted in the ordinary course of business. the value of what is given in exchange for the asset at its initial acquisition.

Land improvements are: Multiple Choice Additions to land that have limited useful lives. Also called basket purchases. Additions that increase the usefulness of land and are not depreciated. Expensed in the period incurred. Included in the cost of the land account.

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