This Year Jenna Had the Gains and Losses Noted Below

question 34

Multiple Choice

This year Jenna had the gains and losses noted below on property, plant and equipment used in her business. Each asset had been held longer than one year. Jenna has not previously disposed of any business assets. $\begin{array}{|l|r|}\hline \text { Loss due to insurance reimbursement for fire } & \$(17,000) \\\hline \text { Loss due to condemnation } & (12,000) \\\hline \text { Gain on sale of Sec. } 1231 \text { property } & 21,000\\\hline \end{array}$ Jenna will recognize

• A) \[\begin{array} { | r | r | }
• \hline \text { Ordinary gain (loss) } & \text { LTCG(L) } \\
• \hline \$ ( 17,000 ) & \$ 9,000 \\
• \hline
• \end{array}\]
• B) \(\begin{array}{|r|r|}
• \hline\text { Ordinary gain (loss) } & \text { LTCG(L) } \\
• \hline \$(29,000) & \$ 21,000 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|r|r|}
• \hline\text { Ordinary gain (loss) } & \text { LTCG(L) } \\
• \hline \$(8,000) & \$ 0 \\
• \hline
• \end{array}\)
• D) \[\begin{array} { | r | r | }
• \hline \text { Ordinary gain (loss) } & \text { LTCG(L) } \\
• \hline \$ ( 12,000 ) & \$ 4,000 \\
• \hline
• \end{array}\]

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Definitions:

Historical Developments

Refers to significant events, changes, or evolutions that have occurred over time, shaping societies, cultures, and the world.

Incomes

Refers to money received, especially on a regular basis, for work or through investments.

Capital Flight

The rapid movement of large sums of money or assets out of a country due to economic or political instability.

Industrial Advanced Countries (IACs)

Countries characterized by high levels of industrialization, technological advancement, and economic development.