Which Is an Example of Probate Property

question 18

Multiple Choice

Which is an example of probate property?

• A)Annuity contracts with a named beneficiary
• B)Property owned in tenancy
• C)Money placed in a bank account as a Totten trust
• D)Gain from the sale of a business

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Definitions:

Sales-Type Lease

An arrangement where a lessor sells an asset to a lessee under lease terms, effectively treating the lease as a purchase and sale from an accounting standpoint.

Guaranteed Residual Value

This is the estimated value of an asset at the end of its lease term or useful life, as guaranteed by the lessee or a third party.

Unearned Interest

Interest that has been collected on a loan by the lending institution but not yet earned because the principal amount of the loan has not been fully disbursed.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including materials and labor.