In the Current Year,Marcus Reports the Following Casualty Gains and Losses

question 96

Multiple Choice

In the current year,Marcus reports the following casualty gains and losses on personal-use property.Assets X and Y are destroyed in the first casualty while Z is destroyed in a second casualty. As a result of these losses and insurance recoveries,Marcus must report

• A)a net gain of $3,700.
• B)a long-term gain of $4,900 on asset X;a short-term capital loss of $900 on asset Y;and a short-term capital loss of $200 on asset Z.
• C)a long-term capital gain of $5,000 on asset X;a short-term capital loss of $900 on asset Y;and a short-term capital loss of $200 on asset Z.
• D)a long-term capital gain of $5,000 on asset X;a short-term capital loss of $900 on asset Y;and a short-term capital loss of $300 on asset Z.

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Definitions:

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Cognitive Psychotherapy

A type of therapy based on the concept that your thoughts, feelings, and actions are interconnected, and that changing negative thoughts and beliefs can lead to changes in feelings and behaviors.

Rogers's Approach

A humanistic approach to psychology and therapy founded by Carl Rogers, focusing on the inherent goodness of people and emphasizing empathy, genuineness, and unconditional positive regard.

Personal Construct Theory

A psychological theory proposing that individuals organize their experiences into a system of personal constructs, which are used to predict and interpret events.