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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 23
In 2010, the Bells' vacation cottage was severely damaged by an earthquake in an area not declared a federal disaster area. They had AGI of $110,000 in 2010. Following is information related to the cottage:
The Bells had insurance and received an $80,000 insurance settlement.
What is the amount of allowable casualty loss deduction for the Bells in 2010 before the AGI and event limitation?
A) $13,500.
B) $14,900
C) $15,000
D) $40,000
The Bells had insurance and received an $80,000 insurance settlement.What is the amount of allowable casualty loss deduction for the Bells in 2010 before the AGI and event limitation?
A) $13,500.
B) $14,900
C) $15,000
D) $40,000
Explanation
Verified
Verified
C - $95,000 - 80,000 = $15,000...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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