Which one of the following is classified as both personal property and personal-use property? Select one:...

Which one of the following is classified as both personal property and personal-use property?

Select one:

a. Thomas owned a computer which he used only to trade stocks and bonds and manage his investments.

b. Shiela owned a storage building used by her to store her personal records.

c. Wamco Company used a computer that was only used to email Wamco employees regarding company business

d. Shiela owned a computer that she used to prepare her own tax returns.

e. Shiela used a car only as a driver for Uber.

Solutions

Expert Solution

The correct answer is (d) Shiela owned a computer that she used to prepare her own tax returns.

Personal Property is a class of asset that can include any asset other than real estate. Computer is not a real estate asset. Also personal property is not fixed and movable so computer can be classified as personal property.

Personal Use Property is a class of asset which an individual does not use for any business or investment purposes. As Shiela is using the computer to prepare her own tax returns this can be classified as Personal Use Property.

In case of any query/clarification please leave a comment below, if the answer was helpful please leave a Thumbs Up, Thanks!

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which of the following losses is not covered under the personal auto policy? Select one: a....

Which of the following losses is not covered under the personal auto policy? Select one: a. liability for injuries to a pedestrian caused by the negligence of the insured driver b. physical damage to the personal property in the car of the insured driver who is negligent c. bodily injury losses caused to the insured by a driver without liability insurance d. theft of the insured vehicle The standard HO-3 policy will NOT cover which of the following losses? Select...

Sometimes, the personal property of one individual is intermingled, negligently or intentionally, with the personal property...

Sometimes, the personal property of one individual is intermingled, negligently or intentionally, with the personal property of another. This is known as: accession. composition. conversion. contribution. confusion. 2 points QUESTION 38 The _____ clause of the Fifth Amendment ensures that the government does not take private property without just compensation. due process equal protection Self-Incrimination supremacy takings 2 points QUESTION 39 Landowners who innocently purchased property contaminated by hazardous wastes are protected from EPA cleanup requirements by the...

Which of the following property is covered under the personal property coverage (Coverage C) of the...

Which of the following property is covered under the personal property coverage (Coverage C) of the Homeowners 3 policy? a) a pet dog owned by the named insured b) a bicycle owned by a foster child living with the named insured c) a motor vehicle owned by the named insured. d) a stamp collection insured under a separate policy

What are the most significant rules to consider when converting personal-use property to business use? Which...

What are the most significant rules to consider when converting personal-use property to business use? Which common mistakes may be made during this conversion process?

Which of the following is a periodic property that is common to both the main-group elements...

Which of the following is a periodic property that is common to both the main-group elements and the transition metals? Which of the following is a periodic property that is common to both the main-group elements and the transition metals? a) oxidation state b) first ionization energy across a row c) electronegativity down a column d) atomic size across a row

what is the basics for depreciation of property converted from personal use to business use

Which of these is not a good internal control practice? Select one: a. The use of...

Which of these is not a good internal control practice? Select one: a. The use of the periodic inventory system for stock control b. Taking out a trial balance c. The use of passwords for computer access d. The pre-numbering of documents

47. Which of the following statements are correct? Select which option is correct. Select one or...

47. Which of the following statements are correct? Select which option is correct. Select one or more: The level of professional skepticism can be reduced where the auditor has past experience with the entity indicating the honesty and integrity of management. The level of professional skepticism needs to be maintained throughout the whole engagement. Professional skepticism implies an expectation of fraud or error, so is a biased viewpoint. Professional skepticism is not important in considering management's explanations for unusual trends...

Which of the following are classified as an acetal?

Mark the correct answer Select one: a. An analyst can be classified as a "trader" or...

Mark the correct answer Select one: a. An analyst can be classified as a "trader" or "broker". b. A commercial bank is an institution that helps companies in their financing and securities (bonds, shares, etc.) issuance processes c. No answer d. None of the above is correct. e. An investment bank is an institution that offers deposits and loans

Subjects