During 2018, Pam incurred the following casualty losses: All of the items were destroyed in the same

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During 2018, Pam incurred the following casualty losses:

Insurance $ 4,000 3,000 19,000 2,000 FMV After FMV Before Asset Basis $18,000 25,000 20,000 12,000 8,000 9,000 $ 10,000


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 2018. Pam is single.

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Federal Taxation 2019 Individuals

ISBN: 9780134739670

32nd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson

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