The Following Assets in Jack's Business Were Sold in 2016

question 24

Multiple Choice

The following assets in Jack's business were sold in 2016:
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The office equipment had a zero adjusted basis and was purchased for $8,000. The automobile was purchased for $2,000 and sold for $1,200. The ABC stock was purchased for $1,800 and sold for $3,200. In 2016 (the year of sale) , Jack should report what amount of net capital gain and net ordinary income?

• A)$1,700 LTCG.
• B)$600 LTCG and $300 ordinary gain.
• C)$1,400 LTCG and $300 ordinary gain.
• D)$2,500 LTCG and $800 ordinary loss.
• E)None of the above.

Understand the need for managers to support team efforts and the practical implications of an upside-down pyramid structure in organizations.

Recognize the variety of management functions and the importance of adapting management approaches to changing work environments.

Identify the characteristics of effective management and the critical skills needed for the new workplace.

Understand the role of general managers, project managers, and team leaders in guiding organizational efforts and achieving goals.

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