During 2013, Pam incurred the following casualty losses: All of the items were destroyed in the same
Question:
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 Pam's taxable income for 2013. Pam is single.
Transcribed Image Text:
Asset FMV Befoe FMV After BasisInsurance $18,000 25,000 20,000 12,000 8,000 9,000 S0$15,000 S 4,000 Business 1 Business 2 Business 3 Personal 1 Personal 2 Personal3 10,000 0 0 5,000 0 3,000 18,000 19,000 2,000 0 8,000 8,000 20,000 10,000 6,000
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Since the losses on the business property exceed the gains they are all ordinary losses for AG...View the full answer
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Related Book For
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th Edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
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