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 1 Fair Market Value Before.$60,000 Fair Market Value After.$40,000 Adjusted Basis $50,000 InsuranceReimbursement $20,000

Boat 2 Fair Market Value Before.$70,000 Fair Market Value After.$0 Adjusted Basis $60,000 InsuranceReimbursement $55,000

Boat 1 Fair Market Value Before.$50,000 Fair Market Value After.$45,000 Adjusted Basis $40,000 InsuranceReimbursement $3,000

What is the total amount of Bartles business casualty loss?

Tolbert sold property to her solely owned corporation.The property had a basis to Tolbert of $100,000 but the property was sold for $70,000.The corporation sells the property two years later to a unrelated party for $90,000.

Which of the following statements are true?SELECT ALL THAT APPLY!!

Tolbert has a recognized loss of $30,000 on the sale.

Tolbert has no recognized gain or loss on the sale.

The corporation has a $20,000 gain on the sale to a 3rd party.

The corporation has no recognized gain or loss on the sale to a 3rd party.

Mark Roberts, 45 years old, is an unmarried taxpayer with modified AGI of $85000.He is covered by an employer plan.Which of the following statements about deductible an IRA contributions by Mark is true?

CHECK ALL THAT APPLY!!

Mark may make a reduced deductible contribution to a traditional IRA

Mark may make a $6,000 deductible contribution to a traditional IRA

Mark may not make a deductible contribution to a traditional IRA

Mark may make a $6,000 nondeductible contribution to a Roth IRA

Ned Jones experienced a $70,000 net operating loss (NOL) from his sole proprietorship in 2019.In 2020, hisTotal Income(as shown on the tax return) is $80,000.In 2018, hisTotal Income(as shown on the tax return) was $100,000.

Which of the following statements regarding the tax treatment/effects of his net operating loss is true?PICK ALL THAT APPLY!!

Ned could carry back his NOL to 2018 through an amended return and claim a refund for prior taxes paid.

Ned could only carry forward his 2019 NOL.

Ned will have to carry forward some of his NOL to 2021.

Ned can use $64,000 of his NOL in 2020.

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!!

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.