Hector receives a gift of rare books valued at $7,000 . The books have an adjusted basis of $11,000 to the donor. Several months later, Hector sells the books to a professional collector for $8,000 . What is Hector's gain or (loss) on the sale?
a. $1,000 gain
b. $4,000 gain
c. No gain or loss is recognized
d. $1,000 loss
e. $3,000 loss
c
You might also like to view...
Answer the following statements true (T) or false (F)
1.Consider Figure 5.5. With free trade, Mexican producer surplus equals $2,450 and Mexican consumer surplus equals $200. 2.Consider Figure 5.5. Suppose that the governments of Mexico and Japan negotiate a voluntary export agreement in which Japanese TV exports to Mexico are limited to 8 units. Under the quota, the price of TVs in Mexico equals $250 while Mexicans produce 10 TVs and purchase 18 TVs. 3.Consider Figure 5.5. Compared to free trade, the Japanese export quota leads to an increase in Mexican consumer surplus of $3,150. 4.Consider Figure 5.5. Compared to free trade, the Japanese export quota leads to an increase in Mexican producer surplus of $1,050. 5.Consider Figure 5.5. The deadweight welfare loss to Mexico, as a result of the Japanese export quota, totals $1,200.
At the end of the selection process at Acme Global, all new employees are required to pass a physical exam that includes a urinalysis. This is part of management’s right to establish ______.
A. drug testing B. workplace monitoring C. employment-at-will D. orientation period
MS Access would be appropriate for an organization that
a. had a small database and limited knowledge of database programming b. had a small database and extensive knowledge of database programming c. had a large database and limited knowledge of database programming d. had a large database and extensive knowledge of database programming
Which of the following statements is true about strategic groups?
A. Profitability varies between different strategic groups. B. It is not possible to have two different strategic groups within the same industry. C. Rivalry within the same strategic group tends to be lower than rivalry between different strategic groups. D. Companies within the same strategic group are complementors to each other.