During 2023, Pam incurred the following casualty losses: All of the items were destroyed in the same
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During 2023, Pam incurred the following casualty losses:
All of the items were destroyed in the same casualty, which resulted from a federally declared disaster. 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 2023. Pam is single.
Transcribed Image Text:
Asset FMV Before FMV After Basis Insurance Business 1 $18,000 $ 0 $15,000 $ 4,000 Business 2 25,000 10,000 8,000 3,000 Business 3 20,000 0 18,000 19,000 Personal 1 12,000 0 20,000 2,000 Personal 2 8,000 5,000 10,000 0 Personal 3 9,000 0 6,000 8,000
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Related Book For
Pearsons Federal Taxation 2024 Individuals
ISBN: 9780138238100
37th Edition
Authors: Mitchell Franklin, Luke E. Richardson
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