The complexity of today's business environment creates many new challenges for organizations, such as global competition, but creates few new opportunities in return

The following information pertains to Cole's personal residence, which sustained casualty fire damage in 2016: Adjusted basis-$150,000 Fair market value immediately before the fire-200,000 Fair market value immediately after the fire-180,000 Fire damage repairs paid for by Cole in 2016-10,000 The house was uninsured. Before consideration of any "floor" or other limitation on tax deductibility, the amount of this 2016 casualty loss was

a) $0 b) $10,000 c) $30,000 d) $20,000

Johnson negotiated a $20,000 loan to purchase his home. He was charged four points to get the loan. The loan required 2% of the original amount as a prepayment penalty. Monthly payments were $163, including interest at 8% per annum. Five years later, Johnson sold his home and paid the loan in full. If, during the time he had it, the loan had an average outstanding balance of $18,500, what was the lender's gross earnings:

A: $6,750; B: $6,840; C: $7,140; D: $8,600.