Fact Pattern 33-2Mary's Home Is in a State That Has

question 18

Multiple Choice

Fact Pattern 33-2Mary's home is in a state that has a $30,000 homestead exemption. Mary defaults on a $60,000 debt that she owes to Nina. Mary's home is sold at auction for $80,000.
-Refer to Fact Pattern 33-2.If Nina recovers less than she is owed,she can realize the difference from 

• A) ​any property that Mary owns. 
• B) ​only exempt property that Mary owns. 
• C) ​only nonexempt property that Mary owns. 
• D) ​property that any other member of Mary's family owns.

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Definitions:

Non-Current Assets

Long-term assets that are expected to provide economic benefits beyond the next fiscal year, such as property, plant, and equipment.

Depreciable Non-Current Asset

A long-term asset subject to depreciation, reflecting its usage, wear and tear, or obsolescence over time, leading to a reduction in its book value.

NCI Share

NCI Share, or Non-Controlling Interest Share, represents the equity in a subsidiary not attributable, directly or indirectly, to the parent company.

Useful Life

The estimated period over which a fixed asset is expected to be usable by an organization, affecting depreciation calculation.