If an asset of an estate has no readily ascertainable fair value, how should it be presented/valued on the charge/discharge statement?

Q: Temporary differences result in future taxable or deductible amounts when the related asset or…

A: Temporary differences result from timing differences between the recognition of income and expenses…

Q: Under IFRS, a loss from the destruction of property in a fi re would most likely be classifi ed as:…

A: When a gain or loss occurs due to a infrequent event and which are unusual in nature, then such gain…

Q: Can a member who contributed an asset demand for its return, transfer or conveyance upon dissolution…

A:

Q: Why might the actual holding period for a property be different from the holding period that was…

A: The consideration while anticipating holding period: 1.The rental from the property. 2.The rate at…

Q: If a loss from sale or exchange of property between related parties is disallowed and the property…

A: If a loss from sale or exchange of property between related parties is disallowed and the property…

Q: How can a leased fee estate have a value that could be transferred to another party?

A: The question is based on the concept of valuation of real estate used under lease arrangement.

Q: Why allow the fair value option for financial assets and liabilities and not for, say, buildings or…

A:

Q: When a taxpayer sells an asset, what is the difference between realized and regonized gain or loss…

A: Difference between complete and recognized gains and losses   Realized gains or losses for the…

Q: What is meant by depreciable base? How is it determined?

A: Depreciable base: The word depreciable base is used to depict the value that is divided by the…

Q: How can the Gains and Losses on Depreciable Assets be determined?

A: For calculation of gains or losses on depreciable assets, written down value of the assets at the…

Q: Is the substituted basis of the qualifying property received in a nontaxable exchange more or less…

A: A nontaxable exchange, also known as a  duty-  remitted exchange, refers to a  sale in which the…

Q: Neither the date the property is acquired nor the date it is disposed of count in determining the…

A: Holding period starts from the date after the acquired date and ends on sale date of asset

Q: Which is incorrect statement regarding the taxability or deductibility of gains or losses in…

A: Tax is a liability calculated on the income earned and paid to the government that acts as revenue…

Q: Which of the following items is not charged against the income of an estate? a. Ordinary repairs…

A: Lets understand the basics. As per basics accounting rules, expense should be charged against the…

Q: What is the treatment of any gain on a subsequent increase in the fair value less cost of disposal…

A: Subsequent will increase in truthful price. A gain for associated consequent increase in truthful…

Q: egal fees paid in connection with the purchase of property are subtracted from the buyer's basis in…

A: False

Q: Why is property and equipment not reported on the balance sheet at fair value?

A: A financial statement called a balance sheet lists an organization's assets, liabilities, and…

Q: What items are excluded from the statutory definition of Capital Asset? Why?

A: Capital assets are assets which may or may not connect with the business and include all tangible or…

Q: Are Inventories depreciable property? Why?

A: Depreciable property means an asset which is eligible to book depreciation for accounting and tax…

Q: Is the nature of the gainor loss considered ordinary or long-term?

A: Ordinary gain or loss means any income which doesn't result as Capital gain or loss. Capital Gain or…

Q: Land is not considered as a depreciable property.Why

A: Fixed assets:   These are the types of assets owned by the business that is expected to provide an…

Q: rty classifed as held for sale are presented separately as current asset. True or False?

A: Solution: Assets held for sale are those assets which the company intends to sell. These held for…

Q: Are deeds the only acceptable way to legally transfers a property? Why or not?

A: The deed is legal document that is valid and is paid value and legally binding documents.

Q: No gain or loss is recognized on the sale of property between related parties. True or false

A: The answer is as fallows

Q: Provide examples of assets that do not qualify for interest capitalization.

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: The related-party loss limitation applies to distributions to related parties and either the…

A: Losses are not allowed on the distributions to the entity's related parties in the following…

Q: The basis for determining gain or loss from sale of disposition of property is the fair market price…

A: The basis for any property which is inherited from any decedent who died during current tax year is…

Q: Sale of real estate is subject to VAT.   True, if not made in the regular course of trade or…

A: Answer:-  VAT definition:- A value-added tax (VAT), is a form of that that is levied gradually. It…

Q: how to compute in simplest form the non controlling interest using fair value method and…

A: Non-Controlling Interest Non-controlling interest or minority interest situation occurs when an…