Multiple Choice
A major advantage of S corporations is that they:
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1. Introduction to Accounting
Types of Accounting
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Which of the following is an example of an asset that is both personal-use and personal property?
A
Office furniture in a business
B
A family car used for commuting
C
A rental apartment owned for investment
D
A company delivery van
Verified step by step guidance1
Understand the definition of personal-use property: Personal-use property refers to assets that are used for personal purposes rather than business or investment purposes.
Understand the definition of personal property: Personal property refers to movable assets that are not fixed to land or buildings, such as vehicles, furniture, or equipment.
Analyze each option: Determine whether the asset is used for personal purposes and whether it qualifies as personal property.
Option 1 (Office furniture in a business): This is not personal-use property because it is used for business purposes, not personal purposes.
Option 2 (A family car used for commuting): This is both personal-use property (used for personal commuting) and personal property (a movable asset).
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