Which of the following refers to an agreement that substitutes a new party for one of the original contracting parties and relieves the existing party of liability on the contract?

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

Wants are: (Factors)

a. personal factors b. cultural factors c. a combination of personal and cultural factors d. none of the above