Which of the Following Would Not Be Included in the Land

question 47

Multiple Choice

Which of the following would not be included in the Land account?

• A) brokerage commissions connected with the purchase of the land
• B) survey fees connected with the purchase of the land
• C) paving costs for a driveway
• D) back property taxes paid

---

Definitions:

Loss Carry-Back

Using a year’s capital losses to offset capital gains of previous years.

Capital Losses

Losses incurred when a capital asset is sold for less than its purchase price.

Capital Gains

The profit earned from the sale of an asset or investment that has increased in value.

Total Assets

The sum of all assets owned by a company, including current, non-current, tangible, and intangible assets.