An Asset That Cannot Be Sold Individually in the Market

question 107

Multiple Choice

An asset that cannot be sold individually in the market place is

• A) a patent.
• B) goodwill.
• C) a copyright.
• D) a trade name.

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Definitions:

Taxpayer

An individual or entity that is obligated to make payments to governmental authorities based on income earned or goods and services provided.

Dependent Child

A dependent child is an individual, typically under the age of 19 (or 24 if a student), who is financially supported by a taxpayer and qualifies them to claim dependent-related tax benefits.

Wages

A fixed regular payment, typically calculated on an hourly, daily, or piecemeal basis, made by an employer to an employee, especially to a manual or unskilled worker.

Tax Liability

The total amount of tax owed by an individual, corporation, or other entity to a taxing authority, such as the IRS or state tax agency.