On July 2, 2020, a Tornado Destroyed an Asset Owned

question 39

True/False

On July 2, 2020, a tornado destroyed an asset owned by Leigh Inc., a calendar year taxpayer. Leigh's adjusted tax basis in the asset was $22,700, and the reimbursement from its property insurance company was $35,000. If Leigh wants to defer recognizing its $12,300 realized gain, it must replace the asset no later than December 31, 2021.

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Definitions:

Emotional Labour

The effort required to manage and express emotions in a way that fulfills the emotional requirements of a job.

Display Rules

Culturally based guidelines that dictate the appropriate expressions of emotions for a given situation or role.

Discrepancy Theory

A theory that job satisfaction stems from the discrepancy between the job outcomes wanted and the outcomes that are perceived to be obtained.

Job Dissatisfaction

A negative emotional response towards one's job, resulting from a discrepancy between job expectations and realities.