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It has to be based on reality. They can't decide that a house is worth $1. They have to be able to demonstrate some reasonable estimation based on similarly valued items. In many cases an appraiser needs to be hired to estimate values of real estate, art objects and collectables. For run of the mill personal property, there are a number of software tools that could be used to provide estimates. Stocks and bonds have to be valued per the market on the date selected by the executor.
What else can I help you with?
What is the Maine executor fee?
There is no set Maine executor fee. It is up to the executor and the court to decide a reasonable amount for a fee.
The book value of an asset is the same as market value of the asset?
Book value of an asset is the value which is shown in books of accounts while market value of asset is the value which is currently same asset is selling in market so both of these values are not same but it can be same but normally they are not same.
When an asset is sold a gain occurs when the?
Gain on sale of asset is occured when actual value of asset is less then the sale value of asset.
How to find the salvage value of an asset?
To find the salvage value of an asset, subtract the estimated disposal costs from the asset's current market value. This value represents the amount the asset is expected to be worth at the end of its useful life.
What is the estimated salvage value of a fixed asset?
1. Estimated salvage value is the amount which is expected to be received from disposal of fully depreciated asset after useful life of asset.
Can an executor charge rent to an heir that has lived in the property for 19 years and was the caregiver of the deceased?
The executor of the estate is responsible for the estate. Use of the estate property is an asset and they should pay rent.
Is there any difference between absolete asset and assets at written down value?
Obsolete asset is that asset which suddenly becomes obsolete due to any technological change or any reason and has no value while written down asset is asset which is usable asset with written down value
Difference between book value and fair value in accounting?
Book value of asset is the value of asset shown in books of accounts while fair value of asset is the current price at which that product is selling or sellable in market.
The present value of the expected future cash flows of an asset represents the asset's?
intrinsic value
What is Book value vs fair value?
Book value is the value of asset shown in financial statements while fair value is the value at which asset can be sold in market
Is the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
Is it true the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
What is the meaning of Scrap Value in accounting?
scrap value is the residual value of an asset. the valu of an asset which exists after its estimated life period
