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kifflom [539]
3 years ago
15

Steve Colburn's portable sawmill used 100% for business, was completely destroyed by fire. The sawmill had an adjusted basis of

$35,000 and a fair market value of $50,000 before the fire. The sawmill was uninsured. Steve's casualty loss is:________.1) $49,900.
2) $50,000.
3) $35,000.
4) $34,900.
Business
1 answer:
pashok25 [27]3 years ago
8 0

Answer: $35,000

Explanation:

A casualty loss is simply a loss that an individual or business incurs when a property is damaged, or destroyed due to an unexpected or sudden event like fire, volcanic eruption, flood etc.

Here, Steve's casualty loss will be gotten when we compare both his adjusted basis and the fair market value and then we choose the lesser one. Since $35000 is lesser than $50000, therefore the answer will be $35000.

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Explanation:

From the question, we are informed that Valley Farms offers to sell Whole Harvest Bakeries, Inc., five hundred bushels of wheat and that Whole Harvest responds by saying "We agree to buy five hundred bushels only if the wheat is Grade A quality."

The above statement is s counteroffer. A counteroffer is a response that is given based on an initial offer and it happens mostly when the initial offer is not accepted and therefore it is replaced with another offer.

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3 years ago
If you could purchase IBM stock and simultaneously sell the stock for $5 more, you would be involved in one type of economic act
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Answer:

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3 years ago
A period of economic stability began in the 1980s. In 2001, prices began to increase. In 2007, an economic crisis caused prices
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5 0
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Saira's Maid Service began the year with total assets of $120,000 and stockholders' equity of $40,000. During the year the compa
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Answer:

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