Chapter 9 - 3.4 - Acquisition Cost Flashcards
1
Q
What is the acquisition cost usually?
A
The purchase cost of the asset
2
Q
What is the cost if the asset was inherited?
A
The probate value (market value at death) should be the cost
3
Q
What is the cost if the asset was received as a gift?
A
The market value at the date of the gift should be the cost
