In March,a Flood Completely Destroyed Three Delivery Vans Owned by Totle

question 84

Multiple Choice

In March,a flood completely destroyed three delivery vans owned by Totle Inc.Totle's adjusted tax basis in the vans was $48,900.Totle received a $90,000 reimbursement from its property insurance company,and on September 8,it purchased one new delivery van for $70,000.Compute Totle's recognized gain on loss on the involuntary conversion and its tax basis in the new van.

• A)No recognized gain or loss; $48,900 basis in the van
• B)$20,000 recognized gain; $70,000 basis in the van
• C)$20,000 recognized gain; $48,900 basis in the van
• D)None of the above

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Definitions:

Summative Evaluation

An assessment conducted at the end of a project or a specific time period to determine its effectiveness or outcomes.

Feedback

Information provided regarding one's performance or behavior, intended to reinforce strengths or identify areas for improvement.

Measurable

Capable of being quantified or expressed as a numerical value.

Treatment Goals

Treatment goals are specific, measurable objectives set by a therapist and client to address the issues that brought the client into therapy.