Alan owns a ranch in Kansas.During the year,a tornado damaged one of his barns and destroyed some equipment.The following information provides the details of the losses Alan suffered from the tornado.
FMV
After
Insurance Proceeds
$ 40,000 $30,000
$ 0 $15,000
$ 0 $10,000
How much loss from the tornado can he deduct on his tax return for the current year?

Question

Alan owns a ranch in Kansas.During the year,a tornado damaged one of his barns and destroyed some equipment.The following information provides the details of the losses Alan suffered from the tornado.
FMV
   After
Insurance Proceeds
$ 40,000 $30,000
$ 0 $15,000
$ 0 $10,000
How much loss from the tornado can he deduct on his tax return for the current year?

Quizplus · Accepted Answer

The Answer of Alan owns a ranch in Kansas.During the year,a tornado damaged one of his barns and destroyed some equipment.The following information provides the details of the losses Alan suffered from the tornado.
FMV
   After
Insurance Proceeds
$ 40,000 $30,000
$ 0 $15,000
$ 0 $10,000
How much loss from the tornado can he deduct on his tax return for the current year?

Alan Owns a Ranch in Kansas