Lourdes,a Sole Proprietor,collected $8,650 on November 21,2014 on Some of Her

question 34

Multiple Choice

Lourdes,a sole proprietor,collected $8,650 on November 21,2014 on some of her outstanding receivables.Her basis in these receivables was $0.What is the gain or loss Lourdes recognizes for 2014?

• A) no gain or loss as the payments are within the normal course of business.
• B) a short-term gain as the payments are from receivables that are always considered short-term.
• C) a short-term loss as the FMV is greater than the payments received on the receivables.
• D) an ordinary gain because the receivables had a FMV greater than the basis of the receivables.

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Definitions:

ECG

Electrocardiogram: a test that records the electrical activity of the heart to show abnormal rhythms and detect heart problems.

Cardiac Muscle Cell

A specialized type of muscle cell found in the heart, responsible for contracting and generating the force that pumps blood throughout the body.

Action Potential

A temporary reversal of the electrical potential along the membrane of a nerve cell or muscle cell, allowing for the transmission of signals.

Cardiac Cycle

The complete sequence of events in the heart from the beginning of one heartbeat to the beginning of the next, including systole and diastole phases.