B1. Faye owns the land on which Golden Spurs Ranch is situated, plus the ranch house, barn, and other structures permanently attached to the land. Faye’s brother Huey owns everything else in the ranch’s opera¬tion—livestock, feed, and so on. The personal property is owned by

a.         Faye and Huey.

b.         Faye only.

c.         Golden Spurs Ranch.

d.         Huey only.

ANSWER:    D                              PAGE:     960                          TYPE:      N

                        NAT: AACSB Reflective                  AICPA Legal