Fire loss sustained on business asset which was insured is deductible
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- If a loss from sale or exchange of property between related parties is disallowed and the property is subsequently sold to an unrelated party, a.The disallowed loss is lost forever. b.The disallowed loss may be used if there is a further loss on the subsequent sale. c.The unrelated party may claim the loss previously disallowed. d.An amended return may be filed to claim the loss previously disallowed. e.The disallowed loss may be used to offset gain on the subsequent sale.The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale are a. Lesser than cost b. Less than current fair value c. Lesser than carrying amount d. Greater than carrying amount e. Greater than costUnder IFRS, a loss from the destruction of property in a fi re would most likely be classifi ed as: B . continuing operations.
- 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. WhiteboardWhich of the following transactions would most likely be a deductible repair under s 25-10? a. Repair of damage to property that existed at the time of purchase but was not known to the purchaser. b. Repainting a rental property after purchase but before tenants move in. c. Repainting a rental property in-between tenants vacating and new tenants moving in. d. Mechanical repairs to a vehicle that was not drivable at the time of purchase.Can a member who contributed an asset demand for its return, transfer or conveyance upon dissolution when it was initially contributed upon a condition to not return, transfer or convey it back?
- Depreciation on rental property is an A. expense deductible against income B. out-of-pocket expense to the owner. C. Item which must be capitalized. D. Itemized one-time deduction.What would be the tax treatment of a superficial loss? a. Permanently denied. b. Immediately deductible. c. Deducted from the adjusted cost base (ACB) of the reacquired property. d. Added to the ACB of the reacquired property for the purposes of determining the future capital gain or loss when the property was sold.1. The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale are a) Lesser than carrying amount b) Less than current fair value c) Lesser than cost d) Greater than carrying amount e) Greater than cost
- It refers to the right of mortgagor to redeem the mortgaged property after his default of the performance of his obligation by paying the secured obligation in order to prevent the public sale of his mortgaged property. a. Equity of redemption b. Right of redemption c. Right of preemption d. Equity of preemptionWhich of the following is a characteristic of a current liability but not a long-term liability? a. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities. b. Unavoidable obligation. c. Transaction or other event creating the liability has already occurred. d. Present obligation that entails settlement by probable future transfer or use of cash, goods, or services.Actuarial (Remeasurement) gains and losses are reported as OCI as they occur using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.