In the Current Year,Marcus Reports the Following Casualty Gains and Losses

question 15

Multiple Choice

In the current year,Marcus reports the following casualty gains and losses on personal-use property.Assets X and Y are destroyed in the first casualty while Z is destroyed in a second casualty. As a result of these losses and insurance recoveries,Marcus must report

• A)a net gain of $3,700.
• B)a long-term gain of $4,900 on asset X; a short-term capital loss of $900 on asset Y; and a short-term capital loss of $200 on asset Z.
• C)a long-term capital gain of $5,000 on asset X; a short-term capital loss of $900 on asset Y; and a short-term capital loss of $200 on asset Z.
• D)a long-term capital gain of $5,000 on asset X; a short-term capital loss of $900 on asset Y; and a short-term capital loss of $300 on asset Z.

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Definitions:

Routine Assignments

Tasks or duties assigned on a regular basis, usually as part of daily work in a job or role, often characterized by repetitiveness and a predefined process.

Weak Performer

An individual in an organization who consistently fails to meet the expected standards of performance.

Attribution Process

The cognitive process by which individuals assign cause or motive to their own and others' actions.

Fundamental Attribution Error

A cognitive bias that involves overestimating the influence of personality or character traits on behavior while underestimating external factors.