Noelle Owns an Automobile Which She Uses for Personal Use

question 184

Multiple Choice

Noelle owns an automobile which she uses for personal use.Her adjusted basis is $45,000 (i.e., the original cost) .The car is worth $22,000.Which of the following statements is correct?

• A)If Noelle sells the car for $22,000, her realized loss of $23,000 is not recognized.
• B)If Noelle exchanges the car for another car worth $22,000, her realized loss of $23,000 is not recognized.
• C)If the car is stolen and it is uninsured, Noelle may be able to recognize part of her realized loss of $23,000.
• D)Only a.and b.are correct.
• E)a., b., and c.are correct.

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Definitions:

Need for Affiliation

An individual's urge to form connections and maintain positive interpersonal relationships.

Anxiety

A feeling of worry, nervousness, or unease typically about an imminent event or something with an uncertain outcome.

Achievement

The process of accomplishing a task or goal, often of significant difficulty, through effort, skill, or courage.

Achievement Motive

The internal drive or aspiration to accomplish tasks and goals, often leading to success and personal satisfaction.