In 2019, Kelsey sustained a loss on the theft of a painting. She had paid $20,000 for the painting, but it was worth $40,000 at the time of the theft. What are the tax consequences of treating the painting as (a) investment property or as (b) personal use property

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The mccolls have made an offer on a new home. the home is new construction and scheduled to be completed by the end of the year. they provide a purchase deposit--a check in the amount of $40,000--to their agent, suzette. suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. did suzette follow the proper procedures? a. no, the check should not have been cashed. if a check is used as an earnest money deposit, it is to be held until acceptance of the offer. the seller must also be informed the buyer's check is being held and not negotiated.b. yes, suzette deposited the earnest money in the broker's trust fund account as directed. she also deposited the check within three business days of receipt. unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed.c. no, suzette needed to deposit the earnest money in the broker's trust fund account within two days of receipt, not necessarily two business days.d. both a and c

Iceberg storage, a leading hard drive manufacturer, recently filed for bankruptcy. while most of iceberg's competitors were shifting away from physical data storage devices toward online cloud storage services, iceberg invested most of its retained earnings in the effort to improve its hard drives. once the hard-drive market drastically declined, iceberg storage was unable to capitalize on the new technology. which of the following does this scenario best illustrate a. causal ambiguity b. knowledge diffusion c. social complexity d. path dependence