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balandron [24]
3 years ago
11

Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market va

lue of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2019 is $37,000.
Belinda's casualty loss deduction (after any limitations) is :________
Business
1 answer:
Katen [24]3 years ago
3 0

Answer: $200

Explanation:

To qualify as a Casualty loss, the event that led to the damage or destruction must have been unexpected such as an accident, hurricane, fire etc.

When calculating for the Casualty loss deduction, we simply deduct the money received from the insurance from the Adjusted basis,

Casualty loss deduction = Adjusted basis - Cash received from the Insurance company

= $14,000 - $10,000

= $4,000

Since it is After any limitations, we also deduct a cost per event floor of $100 and 10% of the AGI

=4,000 - 100 - (37,000*0.1)

= $200

Belinda's casualty loss deduction (after any limitations) is $200.

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50 POINTS AND BRAINLIEST
Vikentia [17]

Answer: sorry i took long

3. the time lost looking at both items

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5.The net value to Kendra of going to Samuel's house to play games.

6. $150

9. The producers decide what should be produced.

10. Producers decide what should be produced.

11. property rights - producers can own or rent the building they manufacture in

12. A student learns to make web pages and starts making websites for local small businesses.

13. a personal computer or tablet used to access the internet

14. the decrease of pollution in the city

4 0
2 years ago
Tom sold his home for $140,000 paying a 7% real estate commission. He bought the home for $45,000, paid $2,000 in closing costs,
Igoryamba

Answer:

$48,200

Explanation:

Given:

Selling price of home = $140,000

Acquisition price = $45,000

Closing cost = $2,000

Cost of fireplace and family room = $35,000

Real estate commission = 0.07 × 140,000 = $9,800

Total adjusted basis  = 45,000 + 2,000 + 35,000 + 9,800

                                   = $91,800

Taxable gain = Selling price - adjusted basis

                      = 140,000 - 91,800

                      = $48,200

7 0
3 years ago
In which of the following cases is outsourcing likely to be the best solution to the firm's data processing needs? a) Peterson I
Alex73 [517]

Answer:

a) Peterson International is a trenchcoat wholesaler to retailers around the world. Sixty percent of sales orders are taken during the months of August and September. Peterson needs a system to manage online ordering and fulfillment.

Explanation:

Outsourcing likely to be the best solution to the firm's data processing needs because Peterson International is a trenchcoat wholesaler to retailers around the world. Sixty percent of sales orders are taken during the months of August and September. Peterson needs a system to manage online ordering and fulfillment.

5 0
3 years ago
The budgeting process that involves adding a month to the end of the budget period at the end of each month, thus maintaining a
In-s [12.5K]

Answer:

b. continuous budgeting

Explanation:

Continuous budgeting (sometimes referred to as rolling budgeting) involves continually adding an additional month to the end of a multi-period budget as each month goes by.

The continuous budgeting concept is usually applied to a twelve-month budget, so there is always a full year budget in place.

4 0
3 years ago
A bank loaned out ​$19 comma 00019,000​, part of it at the rate of 7 %7% per year and the rest at 15 %15% per year. If the inter
Alla [95]

Answer:

Explanation:

Let x be the amount loaned at 7% and ($19,000 - x) be the amount loaned at 15%

Given:

Interest incurred at 7%, I1 + Interest incurred at 15%, I2 = $2000

Interest, I = amount × rate

I1 = 7/100 × x

I2 = 15/100 × ($19,000 - x)

From the above expressions,

(0.07)x + (0.15) × ($19,000 - x) = $2,000

Solving for x,

0.07x + 2850 - 0.15x = 2000

Collecting like terms,

0.08x = 850

x = $10625

The amount loaned at 7% interest is

$10625

The amount loaned at 15% interest is ($19000 - $10625)

= $8375

6 0
3 years ago
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