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n200080 [17]
3 years ago
13

A hurricane (declared a federal disaster) damaged a personal auto owned by Mr. and Mrs. South on June 15, 2018. Fair market valu

e before the flood $18,500 Fair market value after the flood 2,000 Cost basis 20,000 Insurance proceeds 13,000 Adjusted gross income for this year 25,000 Calculate the South's deductible casualty loss.
Business
1 answer:
QveST [7]3 years ago
5 0

Answer:

$900

Explanation:

South's deductible casualty loss = $900

Fair market value before the flood                               18500

Fair market value after the flood                                   (2000)

Decline in FMV                                                                16500

Cost basis                                                                        20000

Lesser of basis or decline in FMV                                 16500

Minus: Insurance proceeds                                           (13000)

Net loss                                                                           3500

Minus: $100 Floor                                                           (100)

10% of AGI                                                                      (2500)

Deductible Loss                                                             900

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Answer:

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Explanation:

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Rahm's credit card issuer calculates interest based on the outstanding
Llana [10]

Answer:

Adjusted balance method.

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3 years ago
Wildhorse Company accumulates the following data concerning a mixed cost, using miles as the activity level. Miles Driven Total
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