Orange Company Had Machinery Destroyed by a Fire on December

question 93

Multiple Choice

Orange Company had machinery destroyed by a fire on December 23,2015.The machinery had been acquired on April 1,2013,for $49,000 and its adjusted basis was $14,200.The machinery was completely destroyed and Orange received $30,000 of insurance proceeds for the machine and did not replace it.This was Orange's only casualty or theft event for the year.As a result of this event,Orange has:

• A)$4,200 ordinary loss.
• B)$15,800 § 1245 recapture gain.
• C)$14,200 § 1245 recapture gain.
• D)$30,000 § 1231 gain.
• E)None of the above.

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Definitions:

Society Characteristics

The distinctive features and qualities that define a society, including its cultural norms, values, institutions, social structures, and patterns of social interaction.

Gender Gap

The disparities between women and men across various aspects of society, including pay, workforce participation, and access to education.

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