Wes owned a business which was destroyed by fire in May 2016. Details of his losses follow:
$$\begin{array} { c c c c c }
& \text { Adj. } & \text { FMV } & \text { FMV } & \text { Insurance } \
\text { Asset } & \text { Easis } & \text { Blefore } & \text { After } & \text { Reimbursement } \
\text { A } & \$ 1,000 & \$ 2,000 & \$ 0 & \$ 2,000 \
\mathrm { E } & 15,000 & 10,000 &3 , 0 0 0 & 2,000 \
\mathrm { C } & 2,400 & 5,000 & 2,500 & 1,000
\end{array}$$ His AGI without consideration of the casualty is $45,000.
What is Wes's net casualty loss deduction for 2016?

Question

Wes owned a business which was destroyed by fire in May 2016. Details of his losses follow:
 $$\begin{array} { c c c c c } 
& \text { Adj. } & \text { FMV } & \text { FMV } & \text { Insurance } \
\text { Asset } & \text { Easis } & \text { Blefore } & \text { After } & \text { Reimbursement } \
\text { A } & \$ 1,000 & \$ 2,000 & \$ 0 & \$ 2,000 \
\mathrm { E } & 15,000 & 10,000 &3 , 0 0 0 & 2,000 \
\mathrm { C } & 2,400 & 5,000 & 2,500 & 1,000
\end{array}$$ His AGI without consideration of the casualty is $45,000.
What is Wes's net casualty loss deduction for 2016?

Quizplus · Accepted Answer

The Answer of Wes owned a business which was destroyed by fire in May 2016. Details of his losses follow:
 $$\begin{array} { c c c c c } 
& \text { Adj. } & \text { FMV } & \text { FMV } & \text { Insurance } \
\text { Asset } & \text { Easis } & \text { Blefore } & \text { After } & \text { Reimbursement } \
\text { A } & \$ 1,000 & \$ 2,000 & \$ 0 & \$ 2,000 \
\mathrm { E } & 15,000 & 10,000 &3 , 0 0 0 & 2,000 \
\mathrm { C } & 2,400 & 5,000 & 2,500 & 1,000
\end{array}$$ His AGI without consideration of the casualty is $45,000.
What is Wes's net casualty loss deduction for 2016?

Wes Owned a Business Which Was Destroyed by Fire in May