Acorporation owns many acres of timber, which it acquired three years ago, and which has a $120,000 basis. the timber was cut last year for use in the corporation's business. the fmv of the timber on the first day of last year was $270,000. the corporation made the appropriate election to treat the cutting as a sale or exchange. the timber is sold for $300,000 this year. the tax result this year is:

a) recognition of capital gain of $30,000.
b) recognition of sec. 1231 gain of $30,000.
c) recognition of ordinary income of $30,000.
d) no income recognized since all recognition occurs in the year of the cutting of the timber.

Atax on the sellers of coffee will a. increase the price of coffee paid by buyers, increase the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. b. increase the price of coffee paid by buyers, increase the e ffective price of coffee received by sellers, and decrease the equilibrium quantity of coffee. c. increase the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. d. increa se the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and decrease the equilibrium quantity of coffee.

(a) what do you think will happen if the price of non-gm crops continues to rise? why? (b) what will happen if the price of non-gm food drops? why?

Popeye produces 20 cans of spinach in 8 hours. wimpy produces 15 hamburgers in 10 hours. if each hamburger trades for 1.5 cans of spinach, then: a.wimpy’s production and productivity are greater than popeye’s. b.popeye’s production is greater than wimpy’s, but his productivity is less. c.wimpy’s production is greater than popeye’s, but his productivity is less. d.popeye’s production and productivity are greater than wimpy’s.