Property Inventories Are Important to Identify Insurance Needs and to Substantiate

question 33

True/False

Property inventories are important to identify insurance needs and to substantiate claims.

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Definitions:

Carry Forward

A tax policy that allows individuals or companies to use a current year's tax losses to offset future taxable income.

Section 1231

A section of the U.S. tax code that allows for the favorable tax treatment of gains and losses on the sale or exchange of business property.

Aggregate

is the total amount or sum of individual parts combined.

Ordinary

Refers to income or transactions that are common or usual within the context of business and taxes.