On July 2, 2016, a Tornado Destroyed an Asset Owned

question 23

True/False

On July 2, 2016, 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, 2017.

Understand the limitations of the authoritarianism concept in explaining prejudice.

Identify characteristics of individuals with a social dominance orientation.

Distinguish between different psychological attitudes and their implications for prejudice and social categorization.

Grasp the core principles of the minimal group paradigm and its findings on intergroup behavior.

---

Definitions:

Utility Maximization

The process of choosing the most satisfying option from a set of alternatives based on preferences.

Utility Maximization

The economic principle that consumers attempt to get the greatest satisfaction possible from their purchases and consumption, given their limited resources.

Rational Consumer

An individual who seeks to maximize their utility or satisfaction from consumption under their budget constraints.

Utility Maximization

A principle in economics that suggests individuals or firms seek to allocate their resources in a way that maximizes their satisfaction or utility.