In the Current Year, Marcus Reports the Following Casualty Gains

question 28

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:

Psychoanalytic

A branch of psychology that studies the influence of unconscious desires and experiences on human behavior.

Gender-Consistent Behavior

Actions or behaviors that align with the societal or cultural expectations associated with one's gender.

Provide Assistance

The act of giving help or support to someone or something.

Assertive

Characterized by confident and self-assured behavior, often in communication, without being aggressive.