Susan has the following items for 2012:
· Loss on rental property caused by termites-$150,000. Insurance covered 80% of the loss.
· Loss on personal use automobile-$10,000. The insurance policy does not cover the first $3,000 of loss. Susan decided not to file a claim for the loss.
· Loss on a painting stolen from Susan's house. Susan purchased the painting three years ago as an investment. She paid $40,000 for the painting and it was worth $45,000 at the time of the theft. The painting was insured for the fair market value.
· Salary-$40,000.

Question

Quizplus · Accepted Answer

The Answer of Susan has the following items for 2012:
· Loss on rental property caused by termites-$150,000. Insurance covered 80% of the loss.
· Loss on personal use automobile-$10,000. The insurance policy does not cover the first $3,000 of loss. Susan decided not to file a claim for the loss.
· Loss on a painting stolen from Susan's house. Susan purchased the painting three years ago as an investment. She paid $40,000 for the painting and it was worth $45,000 at the time of the theft. The painting was insured for the fair market value.
· Salary-$40,000.

Susan Has the Following Items for 2012