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:

Psychological Disorders

Psychological disorders marked by changes in cognition, emotional state, or actions that lead to suffering or decreased ability to function.

Violent Crimes

Acts that involve force or threat of force against individuals, including assault, robbery, and homicide.

Gun Violence

The act of using a firearm to inflict harm or death on others, a major public health and safety issue.

Psychological Disorder

A disorder characterized by patterns of thought, emotion, and behavior that are maladaptive, significantly disrupt daily life, and may cause distress.