A contractor was building a new home. Before completion, he received several offers to rent the property. Just before completion, the city announced that it was taking 10 feet off the front of the property to widen the street to facilitate traffic. Thereafter, offers to rent were for approximately 10% less. This would be an example of which of the following types of depreciation:
A: Straight line depreciation;
B: Physical deterioration;
C: Functional obsolescence;
D: Economic obsolescence.
Answer: D: Economic obsolescence.
Business
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A job title is not a sufficient basis for exemption from the overtime provisions of the FLSA
Indicate whether the statement is true or false
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