I would say all all of them that doctor don't recommend.
Answer:
Do the child's parents live with you? Why are the parents not claiming the dependent?
Explanation:
Answer: $35,000
Explanation:
A casualty loss is simply a loss that an individual or business incurs when a property is damaged, or destroyed due to an unexpected or sudden event like fire, volcanic eruption, flood etc.
Here, Steve's casualty loss will be gotten when we compare both his adjusted basis and the fair market value and then we choose the lesser one. Since $35000 is lesser than $50000, therefore the answer will be $35000.
Answer:
a. $24,000
b. $9,000
Explanation:
a. The amount of income or loss from the partnership is limited to the share of the loss rather than its partnership interest
In the given case, the partnership interest is $45,000 and the share of his loss is $24,000
So, $24,000 is reported in his individual income tax return
b. The computation of the Wilson's basis in his partnership interest is shown below:
= Basis in his partnership interest - share of the loss - cash distribution received from the partnership
= $45,000 - $24,000 - $12,000
= $9,000
