22. Determine the adjusted basis of each of the following assets:

a) Leineia purchased an automobile 2 years ago for $30000. She uses ir 75% in her business and 25% for personal use. To date, she has deducted $4209 in allowable depreciation on the business use portion of the automobile.

b) Three years agom Quon purchased an office building for $330000.The purchase price was properly allocated as $250000 to the building and $80000 to the land. Building remodeling cost $8000. He paid $12000 for the intallation of a parking lot and sidewalks. Insurance premium on the building are $5000 per year. Quon has deducted total allowable depreciation on the buiding of $70620 and $1000 on the land improvements for the 3 years.

23) Determine the adjusted basis of each of the following assets:

a) Andre purchased a parcel of land 3 years ago for $17000. In the current yearm the adjoining property owner sues him, claiming that part of Andre's property belongs to him under the right of adverse possession. Andre incurs $4000 in legal fees successfully defending against the lawsuit. He pays annual property taxes of $300 on the land and has paid $3700 in interest on the loan he took out to acquire the property.

b) Rene purchases 1000 shares of Cramdem Co common stock for $8 per share on Oct 13,2015. In 2016 Cramdem pays a taxable cash dividend of 30 cents per share. Rene sells 300 shares on Aug 22, 2017, for $3 per share. On Dec 2, 2017, Cramdem pays a nontaxable cash dividend 10 cents per share.

c) Rufus owns 12 acres of land he purchased as an investment for $5000. He spent an additional $37000 subdividing the land into residential parcels and having utility lines run to the property. After the subdividing and utility lines had been completed, he gifted two acres of the land to his sister as a wedding present.

60.Katelyn purchased 300 shares of Condine, INC. stock in 2014 for $9000. During 2016, she sells 200 shares of Condine to he brother, Jon, for $3600 and the remaining 100 shares to an unrelated third party for $2000.

c) Assume that Jon sells the shares in 2017 for $6200. What impact does the sale have on his and Katelyn's 2017 taxable incomes?

d) Assume that Jon sells the shares in 2017 for $3100. What impact does the sale have on his and Katelyn's 2017 taxable incomes?

67. Ghon and LI own a home on Lake GIbran. During a heavy rainstorm, the lake overflows and floods the basement, which is used as their family room. The entire contents of the basement (rug, furniture, stereo, and so on) are destroyed. The insurance adjuster estimates that the damage to the basement and its contents is $13500. Ghon and Li do not have flood insurance, so the insurance company will reimburse them only $2700 for the damage. If their AGI for the year is $58000, what is their deductible casuality loss?