On July 2,2017,a Tornado Destroyed an Asset Owned by Leigh

question 35

True/False

On July 2,2017,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 31,2018.

---

Definitions:

External Factors

External factors refer to the environmental, social, economic, and political conditions outside an organization that influence its operations and decision-making.

High Machiavellianism

A personality trait characterized by a person's tendency to be manipulative, exploitative of others, and deceiving for personal gain.

Cutthroat Salesperson

A highly competitive and aggressive sales professional who employs ruthless tactics to close deals and outperform competitors.

Authoritarian Personality

is a type of personality characterized by strict obedience to authority and favoring centralized control over individual freedom.