Question
During the year, Rocky had the following uninsured personal casualty losses (arising from one casualty). Rocky also had $18,000 AGI for the year. The area
During the year, Rocky had the following uninsured personal casualty losses (arising from one casualty). Rocky also had $18,000 AGI for the year. The area was determined to be a Presidential disaster area per POTUS:
| Asset | Adjusted Basis | Fair Market Value Before | Fair Market Value After |
| A | 500 | 700 | 600 |
| B | 3,000 | 2,000 | 0 |
| C | 700 | 600 | 0 |
Rocky's casualty loss deduction is? A. $800 B. $2,600 C. $2,700 D. $3,100 E. None of the above.
(The correct answer is A. $800 but I dont get how they got it)
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Accounting And Finance For Non Specialists
Authors: Eddie McLaney, Peter Atrill
8th Edition
9780273778165
