During the Current Year, Mrs

question 39

Multiple Choice

During the current year, Mrs.Mayhew received a used computer as a gift from her son for her personal use.The computer has a current fair market value of $350 and cost her son $850.He took $400 of depreciation deductions while it was used in his business.Mrs.Mayhew uses the computer for several years and then sells it for $200.What is the amount and type of gain or loss that Mrs.Mayhew recognizes on the sale?

• A)$0 gain or loss
• B)$150 Section 1245 loss
• C)$150 Section 1231 loss
• D)$250 Section 1231 loss

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Definitions:

Leadership Decision Making

The process by which leaders analyze situations and make choices that influence the direction and success of an organization or group.

Team Excellence

The achievement of outstanding results or performance by a group through effective collaboration and synergy.

Competent Team Members

Individuals within a team who possess the necessary skills, knowledge, and attributes to successfully contribute and achieve team goals.

Principled Leadership

Leadership that is based on adhering to a set of moral values and ethics, guiding decisions and actions consistently.