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:

Karyotype

Display of chromosomes arranged by pairs.

Somatic Cell

Any cell of a living organism other than the reproductive cells, forming the body of the organism.

Metaphase

Time during cell division when the chromosomes line up along the equator of the cell.

Genotypes

The genetic makeup of an organism, representing the underlying codes for traits, which interacts with the environment to determine the organism's phenotype.