Which of the Following Statements Is Correct

question 62

Multiple Choice

Which of the following statements is correct?

• A)Realized gains on the sale of personal use assets are taxable.
• B)Realized losses on the sale of personal use assets are disallowed.
• C)If a personal use asset is sold at a realized gain and another personal use asset is sold at a realized loss,the gain is taxable and the loss is disallowed.
• D)Only a.and b.are correct
• E)a. ,b. ,and c.are correct.

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Definitions:

Market Share Data

Information that shows a company's sales volume or revenue as a proportion of the total sales or revenue in its market or industry.

Marketing Expenditures

The total costs associated with activities and strategies to promote and sell products or services, including advertising, promotions, and salaries of marketing personnel.

Revenue

The result of the price charged to customers multiplied by the number of units sold.

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.