Mr. Wall owned an apartment building with an adjusted cost basis of $220,000 and a fair market value of $330,000. He exchanged the property for an apartment house which had a fair market value of $365,000. Both properties were free and clear and no adjustment was made for the differences in value. For federal income tax purposes, the new property will have a basis for Mr. Wall of:

Bureaucracy can be defined a

A. a classical management approach that applied scientific methods to analyze and determine the “one best way” to complete production tasks. B. a classical management approach that attempted to understand and explain how human psychological and social processes interact with the formal aspects of the work situation to influence performance. C. a classical management approach that attempted to build into operations the specific procedures and processes that would ensure coordination of effort to achieve established goals and plans. D. a contemporary management approach that emphasizes the application of quantitative analysis to managerial decisions and problems. E. a classical management approach emphasizing a structured, formal network of relationships among specialized positions in the organization.

In the context of managerial approaches, which of the following is true of change?

A. The best managers today embrace change by moving from contemporary managerial approaches to classic managerial approaches. B. If one does not anticipate change and adapt to it, one’s firm will not thrive in a competitive business environment. C. Management knowledge and practices remain constant in the face of change. D. Change prevents businesses from achieving greater quality and speed. E. Change is happening at a slower rate than at any other time in history.