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2 1 John Smith owns a beach house in Galveston. In moming of March 1, 2017 he goes to beach to take swim. There a
2 1 John Smith owns a beach house in Galveston. In moming of March 1, 2017 he goes to beach to take swim. There a thief stole his watch costing 15,000 Fair Market Value on March 1, 2017 was $4000 In the evening his beach house got burnt. His cost on the house was $140,000 Fair market value before the fire was 150,000 Insurance company paid $50,000. His adjusted gross income for 2017 was $385,000. Calculate Casulty loss for 2017 3 Assume that event happened in 2018, how much loss is deductible? Mr. Smith wants to take the highest depreciation. He acquired machinery on on 01/01/2018 for $3,000,000 2 1 John Smith owns a beach house in Galveston. In moming of March 1, 2017 he goes to beach to take swim. There a thief stole his watch costing 15,000 Fair Market Value on March 1, 2017 was $4000 In the evening his beach house got burnt. His cost on the house was $140,000 Fair market value before the fire was 150,000 Insurance company paid $50,000. His adjusted gross income for 2017 was $385,000. Calculate Casulty loss for 2017 3 Assume that event happened in 2018, how much loss is deductible? Mr. Smith wants to take the highest depreciation. He acquired machinery on on 01/01/2018 for $3,000,000
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