Cora was in Europe from Thanksgiving of 2016 until early January of 2017. When she returned to

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Cora was in Europe from Thanksgiving of 2016 until early January of 2017. When she returned to her home, she found it had been broken into and jewelry with a fair market value of $40,000 and a basis of $54,000 was missing. Her adjusted gross incomes in 2016 and 2017 are $56,000 and $72,000, respectively. If she is a calendar-year taxpayer, what is her theft deduction, and in which year should she take the deduction?

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Taxation For Decision Makers 2018

ISBN: 9781119373735

8th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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