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andrezito [222]
3 years ago
6

In 2018, Grant’s personal residence was completely destroyed by fire. Grant was insured for 100% of his actual loss, and he rece

ived the insurance settlement. Grant had adjusted gross income, before considering the casualty item, of $30,000. Pertinent data with respect to the residence follows: Cost basis $280,000Value before casualty 250,000Value after casualty What is Grant's allowable casualty loss deduction? (A) $10,000(B) $6,900(C) $80,000(D) $6,500(E) $0
Business
1 answer:
gizmo_the_mogwai [7]3 years ago
5 0

Answer:

(E) $0

Explanation:

The answer is $0  

because you can only deduct losses not reimbursed or reimbursable by insurance or other means. The losses from casualty item are not deductible.

So, the correct answer is  (E) $0

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3 years ago
Indentures usually bound indentured servants for periods of from five to seven years. question 3 options:
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Hey There!

Here is your answer:

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3 years ago
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Answer:

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Answer:

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