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question 52

Multiple Choice

Internet users can sign on to HYPERLINK "http://www.irs.gov/" http://www.irs.gov/ and:


Definitions:

Assets

Resources owned by an individual or entity that are expected to provide future economic benefits.

Lessor

A lessor is an individual or entity that leases property or equipment to another, known as the lessee, under a lease agreement.

Lessee

An individual or entity that leases or rents property from the owner under a contract.

Title

The legal right to own, possess, or use property.

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