In the Current Year,Marcus Reports the Following Casualty Gains and Losses

question 102

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.Both casualties were the result of federal disasters. $$\begin{array} { | l | r | r | r | c | } \hline \text { Asset } & \begin{array} { c } \text { Reduction } \\\text { in FMV }\end{array} & \begin{array} { c } \text { Adjusted } \\\text { Basis }\end{array} & \text { Insurance } & \begin{array} { c } \text { Holding } \\\text { Period }\end{array} \\\hline \mathrm { X } & \$ 8,000 & \$ 2,000 & \$ 7,000 & 2 \text { years } \\\hline \mathrm { Y } & 3,000 & 5,000 & 2,000 & 10 \text { months } \\\hline Z & 2,500 & 1,300 & 1,000 & 8 \text { months } \\\hline\end{array}$$ 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:

Cost Per Hire

The total expenses incurred by an organization in recruiting and hiring a new employee, including advertising, interviewing, and training costs.

HRM Policies

Encompasses the formal guidelines and standardized procedures that dictate how various HR issues are handled within an organization.

HR Metrics

Quantitative measurements used to track and assess the efficiency and effectiveness of human resource practices within an organization.

Development Hurdle

Challenges or obstacles that must be overcome during the process of developing a new product, service, or project.