Indicate the Classification of Each of the Following Assets as Personal

question 48

Essay

Indicate the classification of each of the following assets as personal property, real property, intangible property, personal use property or business use property.
a.A dentist purchases a sofa for the waiting room at his dental office.
b.A dentist purchases a sofa for his living room at home.
c.A dentist has a landscape architect plant shrubbery and trees around his office building.
d.A dentist pays a landscaper to grade his land and install fencing for a baseball practice field for his son.
e.A dentist obtains a patent for a procedure he developed.

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Definitions:

PACs

Political Action Committees; organizations that collect funds to donate to political campaigns or to spend on issues of advocacy.

Volunteer Contributions

Unpaid efforts or services provided by individuals willingly to benefit others or a community.

Biannually

Occurring twice a year; also known as semiannual.

Culturally Diverse

Pertaining to or characterized by the inclusion of people from a variety of cultural, ethnic, and racial backgrounds.