Question
Jack experienced the following casualty losses during the year. Jack's AGI equals $20,000. Assume casualties occurred in a Federally declared disaster area. a. Truck used
Jack experienced the following casualty losses during the year. Jack's AGI equals $20,000. Assume casualties occurred in a Federally declared disaster area.
a.
Truck used in his construction business is partially destroyed by fire.The truck cost $25,000.FMV before accident was 20,000.FMV after the accident was $10,000.Jack received $5,000 from the insurance company.Compute Jacks casualty loss.
b.
Jack's personal use motor scooter was completely destroyed in a fire (federally declared disaster area).Jack only had liability insurance.The motor scooter cost $5,500.FMV before accident was $2,500.FMV after the accident was $0.Compute Jack's casualty loss.
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Microsoft Excel For Accounting The First Course
Authors: L Murphy Smith, Katherine Smith
1st Edition
0130085529, 978-0130085528
