Leah Transfers Equipment (Basis of $400,000 and Fair Market Value

question 101

Multiple Choice

Leah transfers equipment (basis of $400,000 and fair market value of $500,000) for additional stock in Crow Corporation. After the transfer, Leah owns 80% of Crow's stock. Associated with the equipment is § 1245 depreciation recapture potential of $70,000. As a result of the transfer:

• A) Leah recognizes ordinary income of $70,000.
• B) The § 1245 depreciation recapture potential carries over to Crow Corporation.
• C) The § 1245 depreciation recapture potential disappears.
• D) Leah recognizes ordinary income of $70,000 and § 1231 gain of $30,000.
• E) None of the above.

Recognize Grice's maxims of conversation and their violations.

Identify different generational cohorts and their distinctive characteristics.

Understand the significance of technology and social media across different generations.

Recognize various forms of ageism and their impacts on society.

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Definitions:

Difference

In sociology, difference often refers to the distinction or disparity between social groups based on attributes like race, gender, class, or ethnicity.

Color-Blind Racism

A form of racism that ignores racial diversity and promotes the view that all individuals are treated equally, disregarding systemic and historical inequalities.

Race Consciousness

An awareness of one's racial identity and the socio-political implications of race in society, often leading to solidarity or social action among people of the same racial group.

Inequality

The unequal distribution of resources, opportunities, and rights among individuals and groups in a society.