Gary,who is an employee of Red Corporation,has the following items for 2016:
Salary
$80,000
Personal casualty gain
7,000
Personal casualty loss from one event (before the $100 floor)
15,000
Loss on rental property
6,000
Theft of bonds
18,000
Unreimbursed loss from theft of a computer used 100% for business
4,000
Determine Gary's AGI and total amount of itemized deductions for 2016.
Correct Answer:
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Salary
$80,000
Loss on rental prope...
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