If the Debtor Is an Individual Whose Debts Are Primarily

question 37

True/False

If the debtor is an individual whose debts are primarily consumer debts,the trustee may not avoid any transfer,within 90 days of bankruptcy,of property valued at less than $600.

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Definitions:

Cost Basis

The original value of an asset for tax purposes, usually the purchase price, which is used to determine capital gain or loss upon sale.

Fixed Asset

Long-term tangible assets held for business use and not expected to be converted to cash in the current or upcoming fiscal year.

Long-Lived

Pertaining to assets, it refers to items that are expected to provide economic benefits over a prolonged period, generally exceeding one year.

Normal Operations

The regular, day-to-day activities carried out by a business to generate revenue and profit.