If a Person Dies Intestate,his Real Property Will Be Distributed

question 45

Multiple Choice

If a person dies intestate,his real property will be distributed:

• A)to the state in which the property is located.
• B)to the state of the person's domicile.
• C)according to the law of the state in which the property is located.
• D)according to the law of the state of the person's domicile.

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Definitions:

Gain On Exchange

The profit realized from exchanging one asset for another asset of greater value.

Depletion

The systematic allocation of the cost of natural resources over their productive lives is known as depletion, reflecting the reduction in the availability of resources as they are extracted or utilized.

Natural Resource

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.

Straight-Line Method

A depreciation technique that allocates an equal amount of an asset's cost to each year of its useful life.