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

Q: What assets are normally included as estate properties?

A: Probate laws: After the death of a decedent, in order to seek the problems of how his property…

Q: When should a property be sold?

A: Sale of property: The act of transferring the title to the buyer by the seller after receiving the…

Q: What entry is made when selling a fixed asset?

A: Following entry is passed when selling the fixed assets:

Q: The book value of an asset is computed as the asset's _____.

A: The assets can be defined as fixed assets and current assets.

Q: hat is the amount realized in a transaction? The gain on the sale of an asset The proceeds less the…

A: Capital gain is realized from the sale of fixed assets.

Q: What are the key differences between real estate property types? How do these differences affect the…

A: Real estate property types refer to the various types of land and buildings that are available for…

Q: Under a property policy,  insurable interest must exist at which of the following times?  when the…

A: Insurable interest is a type of insurance which protect the policy holder from the financial loss…

Q: Explain Foreclosure property?

A: Foreclosure property means if someone who has lent money to an individual or association so that…

Q: Which movable assets those are not considered as leasehold improvements?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

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: Intangible assets do not include: ○ Copyrights. Patents. O Land held as an investment. Goodwill. O…

A: Intangible assets are non-physical assets that have a monetary value since they represent potential…

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

A: False

Q: how the appraiser will adjust the comparable sales for any differencesbetween the subject property…

A: To qualify as a comparable a property must resemble the subject in size, shape, design, utility and…

Q: Analyze why disposition rather than acquisition is a characteristic

A: Gain or Loss on Disposition refers to the gain or loss resulting from the sale, exchange, or other…

Q: Real property held for investment is a capital asset. True or false

A: Real Estate Property Held for Investment is A capital Assets.   Real estate property held for…

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: Intangible assets do not include:

A: The correct answer is: (E) Land held as an investment  Land held as an investment is not an…

Q: Briefly discuss the rules related to distributions of noncash property.

A: The seven rules related to distributions of non cash property are as follows: 1. The distribution…

Q: If certain conditions are met, which of the following properties could be classified as section 1231…

A: SECTION 1231 PROPERTY IS REAL OR DEPRECIABLE BUSINESS PROPERTY HELD FOR MORE THAN ONE YEAR . SECTION…