Accounts of Executors And Testamentary Trustees : Lectures Before the New York University School of Commerce, Accounts And Finance
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Every kind of produce raised annually by labor and cul- tivation, except grass growing and fruit not gathered. (Items E and F separate the produce which is the result of 30 Accounts of Executors labor and cultivation from that which is purely due to the efforts of nature.) G. Rents reserved to the deceased which had accrued at the time of his death. (Accrued here is interpreted "in ar- rears".) Of course rents in arrears are personal property, being merely debts which had become due but had not... been paid. H. Debts secured by mortgages, bonds, notes or bills, ac- counts, moneys and bank-bills or other circulating medium, things in action, and stocks in any corporation or joint associa- tion. These are documentary assets. I. Goods, wares, merchandise, utensils, furniture, cattle, provisions, moneys unpaid on contracts for sale of land, and every other species of personal property. These are tangible assets. These, I am inclined to think, should be valued on the principle of replacement, modified by wear and tear.
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