15. Annie develops a successful tax practice. She sells the practice to her friend Carol for $54,000 and moves to Florida to retire. The tax practice has no assets except intangible benefits such as the goodwill and going-concern value Annie has developed over the years. How should Carol treat the $54,000 cost of the tax practice she has purchased?

17. Virginia has a business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $6000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount kf Virginias casualty loss?

a) $14,000

b) $8,000

c) $10,000

d) $ 4,000

e. None of the above