Veda owns a house. In the house, on a tile floor is a throw rug and a heavy decorative urn. Most likely to meet the definition of a fixture is
Q: Describe some of the motives and mistakes made by the home buyers?
A: Motives of the home buyers: A general motive of the home buyers is the need of ownership of a…
Q: Kareem owns 100% of an apartment building in California but hasn't been there since he signed the…
A: Income is recognized by the person who earns it i.e. the company, partnership firm or individual…
Q: Jaafar owns an upscale fitness club in Jeddah. He wants to be protected if a customer is injured due…
A: The money paid in exchange for indemnification is known as a premium. Insurance is the protection…
Q: If Salim and Lathika decide to purchase a house in which they want to live, what is the EARLIEST…
A: Home buyers plan is the plan which is used by the taxpayers of the Canada Country so that they can…
Q: 3. Z, a celebrity, lived alone in a huge house. One evening, she noticed that her bedroom needed…
A: The answer for the question on the need of registration with SSS is discussed hereunder : What is…
Q: Identify whether each of the following is an example of adverse selection or moral hazard. A. Joe…
A: When the parties involved in a transaction have asymmetric knowledge, an unfavorable selection…
Q: An inventor has designed a new type of cordless power snow shovel that's light weight and charges on…
A: When you are reserving the rights of any ideas or process of any invention or art, it would be…
Q: Sonja is considering the purchase and renovation of an old building. She has heard about the tax…
A: The Rehabilitation credit is the credit which can be availed by the owners to renovate and restore…
Q: machinery against wear and tear. 3 fixed sanitary ware against chipping and scratchin
A: the correct answer is A. fixed television antennae against breakage. structure of your house…
Q: Jake hired Sam to work as a janitor in Jake's apartment building, a position where Jake had a high…
A: Respondeat Superior seems to be a common-law doctrine that holds an employer accountable for an…
Q: The following information applies to the que Natalie owns a condominium near Cocoa Be her condo:…
A: Tax court method is the method in which the expenses are allocated on the basis of ratio of total…
Q: Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file…
A: Depreciable basis: Depreciable basis is the amount of asset that should be depreciated over its…
Q: Rita owns a sole proprietorship in which she works as a management consultant. She maintains an…
A: The operating expenses include the salary of employees, insurance exp.,travel exp.,office exp.…
Q: Which of the following describes a taxpayer with a hobby? Sara, an independent seller for a…
A: The important point to note to determine whether the taxpayer is doing a business or hobby is to…
Q: Sally Vertrees purchased a personal computer for use at home. Sally owns a dental practice. She…
A: In the given case, Sally does not use the computer for its business purposes as is evident from the…
Q: Mary bought a bike
A: All sorts of future cash flows in respect of adding interest on present value are known as future…
Q: Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their…
A: Damaged items FMV just prior to damage (a) Original item cost (basis) (b) Actual loss (Lesser of a…
Q: Elvers sold a parcel of real estate, describing it by its legal description and making no mention of…
A: Property law: - Property is protected legally which provides consequences from the ownership of…
Q: A couple applied for a loan to finance the purchase of a new home. What federal act was created to…
A: Introduction:- A loan is the primary option through which one or more individuals, institutions, or…
Q: William is a sole proprietor who sells widgets he crafts on a 3-D printer. Which of the following…
A: Cost of goods sold is the amount incurred to produce a product. These are directly attributable…
Q: An inventor has designed a new type of cordless power snow shovel that's lightweight and charges on…
A: The term intellectual property refers to the creations of the mind, and this may include inventions,…
Q: Sybil is a self-employed artist who uses 10% of her residence as a studio. The shudio portion of her…
A: The tax deduction is the expenses that are allowed to be subtracted from the taxable income and…
Q: All of the following are covered under "Coverage D: Loss of Use" of the Homeowners 3 policy EXCEPT O…
A: The benefits of coverage D is which results in to cover these additional costs of living expenses…
Q: aim settlement, the
A: Building and personal property coverage form is insurance that covers the physical damage which is…
Q: They were surprised by how much the total closing costs turned out to be, particularly the amount…
A: Given is: Beth and Bob are scheduled to close on the purchase of a new home soon. They need to…
Q: Which of the following describes a taxpayer with a hobby? a) Sara, an independent seller for a…
A: Tax refers to the amount charged by the government on the income earned from the individual and…
Q: Felix is a property claims adjuster for a large property insurer. Janet is a policyholder who…
A: The above is the case of insurance. Insurance refers to the policy received by an individual or an…
Q: Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their…
A: This question is asking about the casualty loss deduction for the flood damage. let see in the next…
Q: A CPA has been doing the records for a company for the last ten years. She was approached by the…
A: The answers for the questions on keeping two sets of records by a CPA are discussed hereunder : A…
Q: Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their…
A: Workings:
Q: Imagine you are a deciding Judge for the following scenario. Decide who should win the case…
A: The term “insurance” can be defined as the financial security provided by the insurer to the insured…
Q: ank builds a storage shed in his back yard that has a cement base. The walls of the shed are…
A: Introduction: An asset is a valuable object or person. Assets are classified in a variety of ways…
Q: Antoine LaDuke suffered a major loss on his older home due to mud from a flood. Although he had…
A: NOTE : As per Bartleby guidelines, when multiple independent questions are given then first question…
Q: Tammy comes home from her day job and usually spends a couple of hours every evening “managing” her…
A: Step 1 Trading is not a commercial operation, according to the Internal Revenue Service (IRS).In…
Q: The amount of Jorge's casualty loss before considering any annual limitations that may apply is…
A: If anyone is claiming a deduction based on property that was destroyed, they need to calculate the…
Q: Maria's property was damaged by an earthquake, Maria is unsure whether earthquake is covered by her…
A: An insurance policy is a legal agreement between the policy holder or insured and the insurance…
Q: Lennart is currently working as a kitchen hand. Which of the following expenses incurred by Rebel…
A: Any expense to be tax-deductible, it shall be work-related. Tax deductions vary from individual to…
Q: Kelly has used her car throughout the income year for work purposes; however, has failed to keep…
A: In US, there are two methods to claim the travelling expenses for the business purposes tours and…
Q: Virendra decides to open a Sub Way outlet in his locality for which he will need certain assets and…
A: Assets: An asset is anything of value or a resource of value that can be converted into cash.…
Q: Hunn injured herself when she slipped and fell on a loose plank while walking down some steps. The…
A: Ms. Hunn checked into a hotel, and she accidentally fell when she got off the stairs. She was…
Q: Which of the following items would not automatically be covered under an HO-3 form? the…
A: HO-3 policy is based on the forms of homeowners insurance policy, which is written through an…
Q: PAS 41 is applicable to which of the following? a. expensive plants used for beautification b.…
A: The financial statements of the company will be prepared by the company to know about the financial…
Veda owns a house. In the house, on a tile floor is a throw rug and a heavy decorative urn. Most likely to meet the definition of a fixture is
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A House Owners policy covers the buildings and outbuildings of a residence but can also be extended to include ... 1 fixed television antennae against breakage. 2 swimming pool machinery against wear and tear. 3 fixed sanitary ware against chipping and scratching. 4 accidental damage to television sets and video cassette recorders.21) Your best friend's apartment has just been robbed, and he had no insurance. What would you suggest to your friend to better protect himself from such losses in the future? A) Purchase renter's insurance and add a personal articles floater. B) Take out personal property replacement cost coverage. C) Take a written and video tape inventory of your property. D) Only B and C above E) A, B, and C above 22) Suppose burglars trashed your apartment and stole your personal property. Your rent is $350 per month and you had to live in another apartment house for two months while the landlord had the apartment put back into livable condition. Under which section of an HO policy would you be covered and how much would you recover because of the move? A) Section I coverage C, $350 B) Section I coverage C, $700 C) Section I coverage D, $350 D) Section I coverage D, $700 E) Section II coverage, $350 23) On your home owners policy ________ protects any personal property that's owned or used by the…Mary owns an older home, which she's looking to sell in the near future. She's worried that there may be asbestos located throughout the house, so she decides to hire a professional to test for and remove any asbestos found. Where may asbestos be found in Mary's house? O Roofing shingles, floor tiles, and wall insulation. O Exterior paint, windows, and roof rafters. O Any wood stud partition wall. O Foundation walls and floor joists.
- Hank builds a storage shed in his back yard that has a cement base. The walls of the shed are attached to the base. The shed is: Tangible personal property or Intangible personal propertyDescribe some of the motives and mistakes made by the home buyers?Ned is an independent contractor working with Joe remodeling a home, and Joe pays him using cryptocurrency. Ned then took the cryptocurrency and purchased tools for work. How should he report the income and what would be the basis of the amount he received?
- • Alex owns a roofing company and buys a computer for personal usage. He sometimes uses the computer for the company, but his children are the primary users of the computer, although he does use it for his roofing company occasionally. Can the computer be recorded as an asset in the accounting records of Alex's roofing practice? Explain why or why not?Your best friend's apartment has just been robbed, and he had no insurance. What would you suggest to your friend to better protect himself from such losses in the future? A) Purchase renter's insurance and add a personal articles floater. B) Take out personal property replacement cost coverage. C) Take a written and video tape inventory of your property. D) Only B and C above E) A, B, and C above1. Dorothy deeded an acre of real estate that she owns to Tin Man for the life of Lion and then to Glenda. Fully describe the property interests of Dorothy, Tin Man, Lion, and Glenda. 2. In Question 1, assume that Tin Man moves into a house on the property. During a tornado, the roof is destroyed and a window is smashed. Who is responsible for repairing the roof and window? Why? 3. Rod likes to spend his weekends in his backyard, shooting his rifle across his neighbor's yard. If Rod never sets foot on his neighbor's property, and if the bullets strike neither persons nor property, has he violated the legal rights of the neighbor? Explain. 4. Elmo enters into a contract to purchase the Brooklyn Bridge from Bird. The contract provides that Bird is to give Elmo a quitclaim deed at the closing. After the closing, Elmo learns that Bird did not own the bridge and sues him for violating the terms of the deed. Will Elmo be successful in his lawsuit against Bird? Why or why not? What type of…
- An insured is purchasing a Building and Personal Property Coverage Form (BPP) to cover her business. She asks the agent to explain how her property will be valued in the event of a loss. Which one of the following statements made by her agent accurately describes how the covered property will be valued in the event of loss? The insurer is obligated to pay replacement cost regardless of whether or not the property has actually been repaired or replaced. The insurer is obligated to pay the cost to replace the damaged or destroyed property with new property of like kind and quality without any deduction for depreciation or obsolescence. Insurers underwrite the coverage carefully because some items that can be difficult to value, such as manuscripts, works of art, antiques, and rare articles, are covered for replacement cost. If the insured elects to accept an ACV claim settlement, the insured is barred from later requesting payment of replacement cost.3. Z, a celebrity, lived alone in a huge house. One evening, she noticed that her bedroom needed organization and deep cleaning. She contacted X, the daughter of her old nanny, who immediately went to her house and finished the job. Does Z need to register X with the SSS?Sally Vertrees purchased a personal computer for use at home. Sally owns a dental practice. She occasionally uses the computer for a task related to her dental practice; however, the computer is used primarily by Sally’s children. Can the computer be recorded as an asset in the accounting records of Sally’s dental office? Why or why not?