1. Jordan has some damages on his business property when tornado hit his area. Her truck was used 100 percent for business use in her sole proprietorship. The truck had originally cost $35,000 and she had taken $5,000 depreciation. At the time of the disaster, it was worth $25,000. After the accident, it was $0. She received insurance companys payment of $20,000. How much is her deducible casualty loss?

What is her deductible casualty loss if the trucks residual value was $5,000?

2. Fill in the blanks on the following like-kind exchanges

	Adjusted basis of old asset	Boot given	FMV of new asset	Boot received	Realized Gain/(loss)	Recognized gain/loss	Postponed Gain/loss	New basis of received property
a.	17000	0	14000	0
b.	15000	0	29000	0
c.	4000	6000	8000	500
d.	16000	0	28000	0
e.	7000	0	12000	4000