Determine the Proper Classification(s)of a House Owned and Used by John

question 63

Multiple Choice

Determine the proper classification(s) of a house owned and used by John as his principal residence.
I. Personal use property. $\quad$$\quad$$\quad$ IV. Intangible property.
II. Business use property. $\quad$$\quad$$\quad$ V. Real estate.
III. Tangible property. $\quad$$\quad$$\quad$$\quad$ VI. Personal property.

• A)Statements I, III, and V are correct.
• B)Statements I, III, and VI are correct.
• C)Only statement I and V are correct.
• D)Only statement V is correct.
• E)Only statement I is correct.

---

Definitions:

Section 10(b)

A provision of the Securities Exchange Act of 1934 in the United States that prohibits any manipulative or deceptive mechanism in the purchase or sale of securities in contravention of SEC rules.

Rule 10b-5

A regulation enacted by the U.S. Securities and Exchange Commission to prevent fraud and manipulation in the securities markets through misrepresentation or deceptive practices.

Securities Exchange Act of 1934

A U.S. law governing the secondary trading of securities (stocks, bonds, and debentures) to protect investors against malpractice.

Scienter

Knowledge of wrongdoing or fraudulent intent, particularly in legal contexts involving deception.