a. the bank that holds the mortgage has to approve of the selling price b. the bank that holds the mortgage can require the purchaser to take out a mortgage with c. the seller is guaranteed not to owe the bank any money if the bank approves of the sel price d. the property can only be purchased by a midget

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Tax Significance of Depreciation

While calculating taxes, depreciation is the method used to allocate the cost of a tangible or immovable asset over the useful life of an asset. In other words, allocate part of that cost to the times when tangible assets help generate revenue or sales. By recording the depreciation of an asset, depreciation reduces the amount of taxes a company or business pays in tax deductions.