Carlotta Finds a Chest Inscribed "Sinbad" That Contains $250,000 of Cash

question 58

Multiple Choice

Carlotta finds a chest inscribed "Sinbad" that contains $250,000 of cash while diving among the coral reefs off the Virgin Islands. The US Customs and the DEA deny knowledge of the cash, so Carlotta keeps it.
I.Carlotta would not recognize any gross income if the chest contained jewels valued at $250,000, rather than the cash.
II.Recognition is necessary because Carlotta has an increase in wealth.
III.Recognition will not occur because the windfall would not be considered as derived from capital or from labor.
IV.The All-inclusive Income Concept explains the recognition of the cash as income.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Only statements I and IV are correct.
• D)Only statements I, II, and IV are correct.
• E)Only statements II, III, and IV are correct.

Recognize safe and unsafe sexual practices.

Learn about the prevention methods for STIs.

Understand the role of hygiene and cleanliness in preventing ectoparasitic infections.

Acknowledge the significance of communication and sexual health responsibility in preventing STI transmission.

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Definitions:

Bailment

The act of temporarily placing control over, or possession of, personal property by one person into the hands of another, under agreement.

Reasonable Care

A legal standard implying that a person or entity should act with the caution and prudence that a reasonable person would use in similar circumstances.

Conditional Gift

A gift given with specific conditions attached, which must be fulfilled for the gift to be fully transferred to the recipient.

Engagement

A formal agreement to get married or, in business, the act of hiring services or establishing a professional relationship.