On July 2, 2011, a Tornado Destroyed an Asset Owned

question 85

True/False

On July 2, 2011, 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, 2012.

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Definitions:

Moderator Variables

Variables that can alter the strength or direction of the relationship between an independent and a dependent variable in research.

Social Psychological Research

The scientific study focusing on how individuals think, feel, and behave in social contexts.

Situational And Personality Variables

These variables relate to the external circumstances (situational) and internal factors (personality) that influence an individual's behavior and responses in different contexts.

Accessible Attitude

An attitude that can be easily and quickly brought to mind from memory.