Gold company was experiencing financial difficulties, but was not bankrupt or insolvent. the national bank, which held a mortgage on other real estate owned by gold, reduced the principal from $110,000 to $85,000. the bank had made the loan to gold when it purchased the real estate from silver, inc. pink, inc., the holder of a mortgage on gold’s building, agreed to accept $40,000 in full payment of the $55,000 due. pink had sold the building to gold for $150,000 that was to be paid in installments over 8 years. as a result of the above, gold must: a. include $40,000 in gross income. b. reduce the basis in its assets by $40,000.c. include $25,000 in gross income and reduce its basis in its assets by $15,000.d. include $15,000 in gross income and reduce its basis in the building by $25,000.e. none of these.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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