A Fire Destroyed Josh's Scuba Shop

question 90

Multiple Choice

A fire destroyed Josh's Scuba Shop. The business had an adjusted basis of $500,000 and a fair market value of $600,000. Josh received $550,000 from the insurance company and used the cash to go to HawaiI.I.Josh has a realized gain of $100,000.
II) Josh has a recognized gain of $50,000.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

Recognize the importance of assessing coping strategies and personal support systems in crisis intervention.

Distinguish between different intervention strategies applicable to specific crisis situations.

Evaluate the impact of crises on individual and family dynamics.

Identify appropriate responses and communication techniques in crisis situations.

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Definitions:

Metallic Minerals

Minerals with metallic properties, such as conductivity and shininess, often mined for use in manufacturing and construction.

Shallow Deposits

Geological accumulations of minerals, sediments or other materials that are located near the surface of the Earth.

Separate the Metal

The process of extracting a metal from its ore or mixture, often involving physical or chemical separation techniques.

Outermost Zone

A term typically referring to the furthest or most remote area within a particular boundary or geographical region.