Ted is a carpenter who owns his own furniture Although he could not obtain its fair market value after manufacturing business. During the current year, a the casualties, Ted decided to repair rather than tornado (a federally declared disaster) damaged replace Equipment C. Before considering any several pieces of equipment and destroyed his delivery deductions because of these casualties, Ted's AGI is truck and his personal automobile, which he often kept $350,000. in the workshop garage. The asset descriptions and related values are as follows: Requirement What deductions may Ted take relating to these (Click the icon to view the descriptions and losses? values.) First complete the first portion of the analysis to determine the net business casualty loss deduction Ted may take. In the following step, determine the personal casualty loss deduction Ted may take relating to the tornado. (Enter a loss with a minus sign or parentheses. Complete all input fields. Enter a "O" for any zero balances.) Cost to Adjusted Insurance Casualty Gain Asset FMV Before FMV After Repair/Replace Basis Proceeds (Loss) Equipment A $ 15,300 $ 3,500 $ 12,700 $ 12,900 $ 2,600 Equipment B 8,200 0 8,900 1,800 5,900 Equipment C Not Available Not Available 15,200 15,700 12,600 Delivery Truck 10,000 0 22,000 8,900 8,000 Net business casualty loss deduction Now determine the personal casualty loss deduction Ted may take relating to the tornado. Cost to Adjusted Insurance Asset FMV Before FMV After Repair/Replace Basis Proceeds Automobile 7,000 0 4,500 13,000 4,500 Casualty Gain (Loss) FMV After Cost to Adjusted Insurance Casualty Repair/Replace Basis Proceeds 3,500 $ 12,700 $ 12,900 $ 2,600 0 FMV Before Asset Casualty Equipment A $ 15,300 $ Equipment B 8,200 Equipment C Not Available Delivery Truck 10,000 Automobile 7,000 8,900 1,800 5,900 Not Available 15,200 15,700 12,600 0 22,000 8,000 8,900 13,000 0 4,500 4,500 Ted is a carpenter who owns his own furniture Although he could not obtain its fair market value after manufacturing business. During the current year, a the casualties, Ted decided to repair rather than tornado (a federally declared disaster) damaged replace Equipment C. Before considering any several pieces of equipment and destroyed his delivery deductions because of these casualties, Ted's AGI is truck and his personal automobile, which he often kept $350,000. in the workshop garage. The asset descriptions and related values are as follows: Requirement What deductions may Ted take relating to these (Click the icon to view the descriptions and losses? values.) First complete the first portion of the analysis to determine the net business casualty loss deduction Ted may take. In the following step, determine the personal casualty loss deduction Ted may take relating to the tornado. (Enter a loss with a minus sign or parentheses. Complete all input fields. Enter a "O" for any zero balances.) Cost to Adjusted Insurance Casualty Gain Asset FMV Before FMV After Repair/Replace Basis Proceeds (Loss) Equipment A $ 15,300 $ 3,500 $ 12,700 $ 12,900 $ 2,600 Equipment B 8,200 0 8,900 1,800 5,900 Equipment C Not Available Not Available 15,200 15,700 12,600 Delivery Truck 10,000 0 22,000 8,900 8,000 Net business casualty loss deduction Now determine the personal casualty loss deduction Ted may take relating to the tornado. Cost to Adjusted Insurance Asset FMV Before FMV After Repair/Replace Basis Proceeds Automobile 7,000 0 4,500 13,000 4,500 Casualty Gain (Loss) FMV After Cost to Adjusted Insurance Casualty Repair/Replace Basis Proceeds 3,500 $ 12,700 $ 12,900 $ 2,600 0 FMV Before Asset Casualty Equipment A $ 15,300 $ Equipment B 8,200 Equipment C Not Available Delivery Truck 10,000 Automobile 7,000 8,900 1,800 5,900 Not Available 15,200 15,700 12,600 0 22,000 8,000 8,900 13,000 0 4,500 4,500