单项选择题

Ferris inherited State of Florida general-purpose bonds worth $2,400from his grandfather in 2016.He received $120interest on the bonds in 2016,2017and 2018.In 2017,he sells the bonds for a gain of $300.Ferris excludes the value of the bonds received and the bond interest,but must include a $300capital gain in his 2018gross income.Which of the following Concepts,Constructs,and/or Doctrines form.the basis for this treatment?()
I.Capital Recovery Concept
II.Legislative Grace Concept
III.Constructive Receipt Doctrine
IV.Realization Concept

A.Statements I and II are correct
B.Statements I and IV are correct
C.Statements II,III,and IV are correct
D.Statements I,II,and III are correct
E.Statements I,II,and IV are correct


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3.单项选择题Which of the following events is a ’casualty’loss?I.Diamonds stolen by thief,reported to policeII.Florida orange trees killed by a freeze.()

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B.Only statement II is correct
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6.单项选择题Limited liability refers to()

A.whether the entity ceases to exist with a change in ownership
B.who manages the entity
C.whether the owners are risking any more than they invested in the firm
D.the ease with which ownership can be transferred

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