The Apple IPad Was a Revolutionary Device Was Introduced in 2010

question 55

Multiple Choice

The Apple iPad was a revolutionary device was introduced in 2010. There was nothing like it on the market and, despite its price of nearly $700, sales immediately took off. In fact, over 300,000 iPads were sold in the United States alone in the first 24 hours after release. There was really nothing like it on the market. While still a highly profitable product, there are now many alternative products on the market and iPad sales are starting to decline. The iPad is in the _______ stage of the product life cycle.

• A) maturity
• B) decline
• C) introduction
• D) growth

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Definitions:

Section 1231 Loss

A loss from the sale or exchange of property used in a trade or business that can be deductible for tax purposes.

Section 1231 Property

Refers to a type of property, both tangible and depreciable, used in a business and held for more than one year, which qualifies for tax treatment that combines aspects of capital gains and ordinary income tax rates.

Trade or Business

Activity conducted for the purpose of earning income or profit, involving regular and continuous activities in a particular field.

Deemed Worthless

A term referring to assets that have become valueless and are recognized as a loss for tax purposes.