ADMITTED ASSETS Definition

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ADMITTED ASSETS are assets whose values are permitted by state law to be included in the annual statement.

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NON-PERFORMING ASSET is an asset not effectual in the production of income. For example, in banking, commercial loans 90 days past due and consumer loans 180 days past due are classified as non-performing.

BOOT is money received during an exchange to equalize values, e.g. if a person sells his business for an assumption of liabilities and for some cash the cash is boot.

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