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.

Question

Quizplus · Accepted Answer

The house owned and used by John as his principal residence is considered personal use property because it is used for personal purposes, tangible property because it is a physical asset, and real estate because it is land and any structures on it. Therefore, statements I, III, and V are all correct. The property is not an intangible asset or personal property, so options IV and VI are not applicable.

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