01.Core Concepts

• Notes to financial statements: • Assets are stated at fair market value. • The ABC stock was inherited from Dana’s aunt on November 15, 2023. • Her aunt originally paid $20,000 for it on October 31, 2012. • The fair market value at the aunt’s death was $12,000. • Liabilities are stated at principal only. • JT = joint tenancy; client name = separate property