Explain how a taxable gain on property can be realized because of a casualty event such as a fire or theft. How are these gains treated?

A casualty gain is realized when the A.insurance proceeds received exceed the taxpayer's adjusted basis in the property. B. taxpayer's adjusted basis in the property exceeds the insurance proceeds received. For personal-use property, all the casualty gains and losses realized during the year are A. netted together. B. reported separately. If the losses exceed the gains, the excess is A. reduced by 2% B. reduced by 5% C.reduced by 10% D.reduced by 20% of the taxpayer's AGI and the remainder is deductible as a A. for B. from AGI deduction if the A.loss is due to a federally declared disaster. B. loss is more than $5,000. C. taxpayer takes the standard deduction. However, if the casualty gains exceed the casualty losses for the year, the gain is treated as a A. long-term capital gain. B.long-term ordinary gain. C.short-term capital gain. D.short-term ordinary gain.

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