In the Current Year, Marcus Reports the Following Casualty Gains

question 6

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.

---

Definitions:

Joint Decisions

Decisions made collaboratively by two or more parties where the outcomes affect everyone involved, aiming for consensus or compromise.

Labor-Management Involvement

The process where both labor (employees or their unions) and management actively participate in addressing and resolving workplace issues together.

Quality Circles

Small groups of employees who voluntarily come together to identify, analyze, and solve work-related problems, aiming to improve the quality of their output.

Continuous Improvement

An ongoing effort to improve products, services, or processes by making small, incremental changes over time.