egal fees paid in connection with the purchase of property are subtracted from the buyer's basis in the property. True or false

Land is not considered as a depreciable property.Why

Intangible assets do not include:   Multiple Choice   Patents.   Copyrights.   Trademarks.   Goodwill.   Land held as an investment.

The related-party loss limitation applies to distributions to related parties and either the distribution is pro rata or the property distributed is disqualified property. True False

One of the following is not a prerequisite in order that claim against the estate maybe deductible     They must be existing against the estate They must be reasonably certain as to amounts They must have been prescribed They must be enforced by the claimants

Which of the following factors cannot be used to determine an insurer's limit of liability on property coverage? O A. Actual cash value Replacement cost Salvage value Policy limits OB. O C. D. Whiteboard

TRUE OR FALSE?An item of property plant and equipment can be asset held for sale.

TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.

Which is true regarding a like-kind exchange? Group of answer choices Personal-use assets qualify. Stocks and bonds qualify.  Non like-kind property is considered “boot.” A taxpayer must elect for the like-kind provisions to apply.

In an agreement involving the right to acquire property, which of the following are conditions that must be met in order for the IRS to accept the purchase price set in the agreement as a valid measurement of the value of the property being acquired? The purchase price must be determined by an independent appraisal submitted with an informational gift tax return regardless of the value of the property. The agreement must be a bona fide business arrangement. The agreement cannot be an attempt to transfer the property to a family member for less than full and adequate consideration. The terms of the agreement must be comparable to those that would be entered into by persons in an arm's-length transaction A) I and III     B) II and IV     C) I and IV     D) II, III, and IV