1.Bartles Expeditions operates tour boats in a tourist area.A storm damages three of Bartles boats.Figures below describe the condition of the boats after the storm.

Boat Fair Market Value Before. Fair Market Value After. Adjusted Basis. Insurance Reimbursement

Boat 1 $60,000. $40,000. $50,000. $20,000

Boat 2$70,000. $0. $60,000. $55,000

Boat 3$50,000. $45,000. $40,000. $3,000

What is the total amount of Bartles business casualty loss?

DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER!!

(Answer $17000 is incorrect)

2.Susan Barnes is a self-employed consultant.She travels to Chicago on June 30th for business purposes.She attends business meeting on July 1st and 2nd.She takes personal time on the 3rd and 4th of July.On the 5th of July, she returns home.

She incurs the following expenses:

Flight charge: $480

Lodging: $200 per day for June 30th, July 1st, July 2nd, July 3rd, and July 4th.

Meals: 6/30: $40; 7/1: $70; 7/2: $70; 7/3: $70; 7/4: $70; 7/5: $40

What is Susan total deductible business expense for travel?

DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER!!

(Answer: $1300 is incorrect )

3.George and Janet Morton pay $8,000 of tuition and fees for their daughter, Shauna who attends a local university.George and Janet file a joint return and have a combined modified AGI of $140,000.Regarding the Tuition and Fees deduction, which of the following statements are true?

PICK ALL THAT APPLY!!

Question options: (choose second and fourth at the some time is not correct)

George and Janet may take an itemized deduction for this expenditure.

George and Janet may take a deduction FOR AGI (an Adjustment to Income).

George and Janet may not take a deduction for this expenditure.

George and Janet may take a $4,000 deduction for this expenditure.

George and Janet may take a $2,000 deduction for this expenditure.