Determine the proper classification(s) of the asset discussed in the following scenario: Judge Marshall purchased a new gold-trimmed gavel to decorate his living room.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.

A)Statements I and III are correct.
B)Only statement VI is correct.
C)Statements II and III are correct.
D)Statements II, III, and VI are correct.
E)Statements I, III and VI are correct.

Question

Determine the proper classification(s) of the asset discussed in the following scenario: Judge Marshall purchased a new gold-trimmed gavel to decorate his living room.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.
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A)Statements I and III are correct.
B)Only statement VI is correct.
C)Statements II and III are correct.
D)Statements II, III, and VI are correct.
E)Statements I, III and VI are correct.

Quizplus · Accepted Answer

The asset in question is a tangible property that is intended for personal use, making statements I and III correct. Additionally, it is not used for any business purposes, eliminating statement II. The asset is also not an intangible property or real estate, eliminating statements IV and V. Finally, since the gavel was purchased for Judge Marshall's personal use, it qualifies as personal property, making statement VI correct. Therefore, the best choice is E, as it includes all correct statements.

Determine the Proper Classification(s) of the Asset Discussed in the Following