Constance,who Is Single,is in an Automobile Accident in 2013,and Her

question 90

Multiple Choice

Constance,who is single,is in an automobile accident in 2013,and her car sustains $6,200 in damages.Because both drivers received tickets in the accident,Constance does not expect to recover any of the loss from her insurance company.Constance's 2013 AGI is $31,000.Her casualty loss is $3,000; she has other itemized deductions of $1,200.In 2014,Constance's insurance company reimburses her $2,800.Constance's 2014 AGI is $28,000.As a result,Constance must

• A)amend the 2013 return to show the $200 loss.
• B)do nothing and simply keep the $2,800.
• C)amend the 2013 return to show $0 loss and file her 2014 return to show $200 loss.
• D)do nothing to the 2013 return but report $2,800 of income on her 2014 return.

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Definitions:

Efficiency

Achieving maximal output with minimal input.

Task Specialization

The process of dividing work into smaller tasks that are completed by workers who specialize in those tasks.

Worldwide Competition

The phenomenon where businesses or economies compete with each other across international borders for market share, resources, and talent.

Automation

The use of technology and machinery to perform tasks with minimal human intervention, often to increase efficiency, accuracy, and productivity in various industries.