Expenditures Which Do Not Add to the Value or Prolong

question 124

True/False

Expenditures which do not add to the value or prolong the life of property may be expensed in the year in which they are incurred.

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Definitions:

Intangible Personal Property

Non-physical assets owned by an individual or a business, such as intellectual property, stocks, or bonds.

Intellectual

Relating to the intellect or involving the exercise of the mind, often associated with knowledge and thinking processes.

Ephemeral

Lasting for a very short time; transient.

Real Property

Land and any permanent structures attached to it, such as houses, buildings, and other fixtures, recognized as legal property.