Question 43 of 75. Which of the following taxpayers will NOT be allowed a casualty loss? Jill's rental property was flooded when the small creek behind her house broke its banks. Molly's vacation home in Alabama was hit by a hurricane in an area declared a disaster area by the President. Matt's personal home, located in a federally declared disaster area, developed mold over many months from a leak in his roof. Rose's business-use property was damaged by a minor fire she did not start. Question 44 of 75. All of the following are required to determine the amount of a casualty loss or gain EXCEPT the: Adjusted basis of the property Amount of insurance and other reimbursements received, including some cash gifts. Decrease in fair market value from the casualty event. Fair market value when the property was purchased. Question 47 of 75. Which of the following is NOT an advantage of a C corporation? It is easier to raise capital by selling stocks. Shareholders are only liable up to the amount of their investments. Shareholders acquire ownership through their investment. The corporation only pays taxes on dividends and distributions. Question 57 of 75. Latanya rented her home for 14 days and made $75,000 of rental income through an online rental platform. The platform sent Latanya a Form 1099-K, Payment Card and Third Party Network Transactions, reporting the $75,000 in payments she received. How will this situation be reported to the IRS? Write a letter to the IRS seeking approval to exclude the income Report the income on Schedule E and attach a statement indicating it's not taxable. Report the income on Schedule 1, line 8. Report the income on Schedule 1, line 8 and attach a statement indicating it's not taxable. Mark for follow up