Emma Owns a Small Building ($120,000 Basis and $123,000 FMV)and

question 24

Multiple Choice

Emma owns a small building ($120,000 basis and $123,000 FMV) and equipment ($35,000 basis and $22,000 FMV) .Both assets were acquired three years ago,are used in Emma's business,and are depreciated using straight-line depreciation.Both are destroyed by fire.Insurance proceeds were equal to their FMVs.Only one other transfer of an asset occurs during the year,and a $3,000 LTCL is recognized.After considering all transactions,the tax result to Emma is a

• A)$13,000 NLTCL.
• B)$13,000 ordinary loss.
• C)$3,000 LTCG; $3,000 LTCL; and $13,000 ordinary loss.
• D)$10,000 net ordinary loss and a $3,000 NLTCL.

Assess how crustal thickness variations contribute to the formation and elevation of mountainous regions.

Differentiate between tectonic settings and their associated features such as fold and thrust belts, foreland basins, and accretionary prisms.

Understand the geological significance of basins in various tectonic settings and their formation mechanisms.

Grasp the complexities of fault movements and their implications on crustal deformation and basin development.

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