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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.
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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.
What is the estimated salvage value of a fixed asset?
The estimated salvage value of a fixed asset refers to the expected residual value of the asset at the end of its useful life. It is an estimate of how much the asset could be sold for or its scrap value. This value is important for calculating depreciation expenses and determining the asset's net book value. The specific salvage value can vary depending on factors such as market conditions, technological advancements, and the condition of the asset.
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
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.
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 a variable asset?
the asset value which changes with respect to the demand constraints is called varible asset
What does asset mean what does asset mean?
asset is anything that appreciate in value over a period of time
