A corporation owns many acres of timber, which it acquired t…

A corporation 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

Identify the following author:  Although raised on a slave-o…

Identify the following author:  Although raised on a slave-owning plantation in South Carolina, this writer grew up to become an ardent abolitionist writer and speaker, as well as a women’s rights activist. She and her sister were among the first women to speak in public against slavery, defying gender norms and risking violence in doing so. Beyond ending slavery, their mission—highly radical for the times—was to promote racial and gender equality.