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.

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Definitions:

Overlays

In organizational context, refers to additional or supplementary structures or systems laid on top of existing ones to address specific needs or challenges.

Organizational Structures

Organizational structures define how activities such as task allocation, coordination, and supervision are directed towards the achievement of organizational aims, often determining the hierarchy and flow of information within a company.

Self-Directed Work Teams

Groups of employees who operate without traditional managerial oversight, assuming collective responsibility for tasks, decision-making, and problem-solving.

Team-Based Organizational Structures

are frameworks within organizations that emphasize teamwork, collaboration, and collective decision-making to achieve goals.