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:

Pink Collar Jobs

Employment sectors traditionally dominated by women, such as nursing, teaching, and clerical work, characterized by lower pay and less prestige than male-dominated fields.

Patriarchal Society

A social system in which men hold primary power and predominate in roles of political leadership, moral authority, social privilege, and control of property.

Caretaking

The act of providing care for someone, including looking after their well-being, health, and the maintenance of their living environment.

Prestige

The social honor people are given because of their membership in well-regarded social groups.