Answer :
Kim can claim (A) $2,000.
What are assets?
- In financial accounting, an asset is any resource that a corporation or economic organization owns or controls.
- It is anything (tangible or immaterial) that can be utilized to generate positive economic value.
- Assets indicate the worth of ownership that may be transformed into cash (although cash itself is also considered an asset).
- A company's balance sheet details the monetary value of its assets.
- It protects money and other assets belonging to an individual or a corporation.
To find how much Kim can claim:
- The $1,000 loss on the business auto is an ordinary loss.
- Whereas the $1,000 loss on the stock investment is a capital loss.
- The $1,000 boat loss is personal and hence cannot be subtracted.
Therefore, Kim can claim (A) $2,000.
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The question you are looking for is given here:
During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim?
a. $2,000
b. $1,000
c. $0
d. $3,000
e. None of these choices are correct.