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Which of the following is a true statement? O A casualty loss can only occur from natural disasters, such as cows standing under a tree being struck by lightning. Personal casualty losses can only be deducted to the extent that aggregate casualty losses exceed 10 percent of AGI after applying a $100 per incident deduction. O The governor must declare a disaster before the casualty loss will be deductible O Uninsured thefts of personal assets are not included with casualty losses. Question 2 4 points Save Answer What is true about depletion methods? O Cost depletion must be used for oil and gas deposits O Percentage depletion can be used even if basis has been fully deducted O The lower of cost depletion of percentage depletion must be used O Cost depletion can be used even if the basis has been fully deducted Question 3 Save Answer Barney deducted $4,400 of state income taxes on his tax return last year. This year, he received a state income tax refund of $400. What amount of the refund, if any, should Barney include in his gross income if last year his total itemized deductions exceeded the standard deduction by $350? 0 $4,400 $350 O $400 O $50 Question 3 Save Answer Barney deducted $4,400 of state income taxes on his tax return last year. This year, he received a state income tax refund of $400. What amount of the refund, if any, should Barney include in his gross income if last year his total itemized deductions exceeded the standard deduction by $350? 0 $4,400 $350 O $400 O $50