Question
In 2019, Mary had the following items: Salary $30,000 Personal use casualty gain 10,000 Personal use casualty loss (after $100 floor) Business Casualty Loss 17,000
In 2019, Mary had the following items:
| Salary | $30,000 |
| Personal use casualty gain | 10,000 |
| Personal use casualty loss (after $100 floor) Business Casualty Loss | 17,000
4,000 |
| Other itemized deductions | 21,000 |
Assuming that Mary files as head of household (has one dependent child), determine her taxable income for 2019. None of the casualty items relate to a Federally declared disaster area. What is Marys casualty loss deduction?
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Financial Accounting Volume II
Authors: Mohamed Hanif, Amitabha Mukherjee
4th Edition
9387886239, 978-9387886230
