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:

Therapeutic Relationship

The professional and purposeful bond between a therapist and a client, critical for effective therapy.

Negative Feelings

Unpleasant emotions such as sadness, anger, or fear, that can affect one's mental well-being.

Cognitive Restructuring

Cognitive restructuring is a psychological technique that aims to help people identify, challenge, and change irrational or maladaptive thoughts, beliefs, and attitudes.

Thinking Process

The cognitive activities involved in processing information, solving problems, and making decisions.