Legal Question in Wills and Trusts in California
An example: A helicopter assigned a fair market value of 150K, is sold for 150K. A broker is paid 2500 for an annual and 7500 for commission.
To properly account for the sale of the helicopter, is it listed at 140K in gains on sale?
Where would the expense of sale be accounted for?
Asked on 7/20/11, 9:59 am
2 Answer from Attorneys
Jennifer Rouse
Meissner Joseph & Palley
There is no gain or loss on the sale of the helicopter because it sold for the same amount it was appraised for in your example. The costs associated with the sale are listed on the disbursements schedulle.
Answered on 9/03/11, 8:58 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
