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:

Precise Boundaries

Definite or exact limits or borders of an area, space, or concept.

Ecosystem

An ecosystem is a community of living organisms in conjunction with the nonliving components of their environment, interacting as a system through nutrient cycles and energy flows.

Abiotic Environment

Inanimate chemical and physical components of the environment influencing living beings and ecosystem operations.

Biological Community

A group of interacting organisms of different species living in a common location.