Willie Sells the Following Assets and Realizes the Following Gains

question 48

Multiple Choice

Willie sells the following assets and realizes the following gains (losses) during the current year:
$\begin{array}{lr}\text { Personal auto } & \$(5,000) \\\text { Municipal bonds } & (7,000) \\\text { Stamp collection } & 4,000 \\\text { Furniture } & (6,000) \\1 \% \text { interest in oil well } & (8,000) \end{array}$
As a result of these sales,Willie's adjusted gross income will:

• A)Decrease by $ 3,000.
• B)Decrease by $ 4,000.
• C)Decrease by $11,000.
• D)Decrease by $15,000.
• E)Not change.

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Definitions:

Workplace

A location or environment where employees perform their job duties, ranging from offices to outdoor sites.

Unilaterally Determine

To make a decision or take action independently, without the need for agreement from others.

Pay Employees

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Hours

The measurement of time that an individual works on a given day or for a specific project.