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:

Ranking

The act of arranging or grading individuals, items, or concepts according to their achieved level, performance, or quality.

Delphi Technique

A structured communication method that relies on a panel of experts answering questionnaires in two or more rounds to converge on a consensus solution or decision.

Six Questions Technique

A problem-solving approach that involves asking six specific questions to thoroughly understand a situation or challenge.

Nominal Group Technique

A structured decision-making process where individuals rank ideas or solutions, after which group discussions and prioritizations lead to a final decision.