In March,a Flood Completely Destroyed Three Delivery Vans Owned by Totle

question 84

Multiple Choice

In March,a flood completely destroyed three delivery vans owned by Totle Inc.Totle's adjusted tax basis in the vans was $48,900.Totle received a $90,000 reimbursement from its property insurance company,and on September 8,it purchased one new delivery van for $70,000.Compute Totle's recognized gain on loss on the involuntary conversion and its tax basis in the new van.

• A)No recognized gain or loss; $48,900 basis in the van
• B)$20,000 recognized gain; $70,000 basis in the van
• C)$20,000 recognized gain; $48,900 basis in the van
• D)None of the above

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Definitions:

Catalog Retailers

Businesses that sell products to customers through catalogs, either printed or online, allowing customers to shop and place orders remotely.

Direct Selling

Direct selling is a retail channel that involves personal sales of products or services directly to consumers, often in their homes or at work, bypassing traditional retail locations.

Customer Journey Map

A visual or graphic representation that outlines all the interactions a customer has with a business throughout their purchasing process.

Interactive Experiences

Engaging activities or interfaces that allow for two-way communication or interaction between the user and the system.