During 2017, Pam incurred the following casualty losses: All of the items were destroyed in the same
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All of the items were destroyed in the same casualty. Before considering the casualty items,Pam reports business income of $80,000, qualified residential interest of $6,000 property taxes on her personal residence of $2,000, and charitable contributions of $4,000. Compute Pams taxable income for 2017. Pam is single.
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FMV After Basis Insurance FMV Before Asset Business 1 Business 2 Business 3 Personal 1 $18,000 25,000 20,000 12,000 8,000 9,000 $15,000 8,000 18,000 20,000 10,000 6,000 $ 4,000 3,000 19,000 2,000 10,000 Personal 2 Personal 3 5,000 8,000
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Since the losses on the business property exceed the gains they are all ordinary losses for AGIThus ...View the full answer
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Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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