31.

Virginia has business property with a basis of $9,000 that is stolen and partially destroyed by the time it is recovered. She receives an insurance reimbursement of $8,000.. Also, the property had a decrease in fair market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss?

$2,000 $9,000 $10,000 $1,000 None of the above

32.

Bonus depreciation cannot be used by a taxpayer who is already reporting a loss on their business operations before the bonus depreciation deduction would be taken.

Answer:

True False