A Barn Held More Than One Year and Used in a Business

question 125

Multiple Choice

A barn held more than one year and used in a business is destroyed in a tornado. The barn originally cost $356,000 and was fully depreciated using straight-line depreciation. The barn was insured for its $543,000 replacement cost minus a deductible of $1,000. Which of the statements below is correct concerning these facts?

• A) The barn was a long-term personal use asset.
• B) There is a casualty loss from disposition of the barn.
• C) The recognized gain from disposition of the barn is $186,000.
• D) The recognized gain from disposition of the barn is subject to special netting rules.
• E) c. and d.

Understand the effects of societal movements on individual attitudes towards gender and race.

Explain the assimilation strategies within multicultural societies.

Evaluate the implications of ethnic identification and cultural retention for community cohesion.

Identify theories explaining racial and ethnic prejudices and their manifestations in individuals' behaviors and attitudes.

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Definitions:

Early Adopters

Individuals who embrace new products or technologies before most other consumers, often influencing others’ adoption.

Context-Independent

Describes something that retains its relevance, meaning, or applicability regardless of the surrounding circumstances or environment.

Context-Dependent

The principle that the understanding or significance of something can change depending on the surrounding environmental, social, or situational factors.

Continuous Innovation

Innovations that involve slight improvements or modifications to existing products, requiring minimal changes in consumer behavior to adopt.