#23

Sheryl's AGI is $251,800. Her current tax liability is $52,248. Last year, her tax liability was $48,902 She will not owe underpayment penalties if her total estimated tax payments are at least which of the following (rounded) amounts? (Assume she makes the required payments each quarter.) Multiple Choice $51,726 $47,023 $53,792 $48,902 Riley operates a plumbing business, and this year the three-year-old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $21,600, and the adjusted basis was $5,600 at the time of the accident. Although the van was worth $6,160 at the time of accident, insurance only paid Riley $1,400 for the loss. What is the amount of Riley's casualty loss deduction? Multiple Choice $4,200 $5,600 $6.160 $5,180 $15.440