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Oksi-84 [34.3K]
3 years ago
14

During the current year, Rulon’s toilet overflowed due to a pipe breaking during a nationally declared earthquake disaster. Rulo

n was at work when the earthquake hit, and by the time he returned, the water had flooded the basement, causing damage to the carpet, walls, and ceiling. The cost of repairing the damage was $9,000. Rulon has homeowners insurance that will cover half of the damage. However, because he has already had claims this year, Rulon does not want to report the incident to his insurance company for fear of a large increase in insurance rates. Instead, Rulon wants to deduct the loss a casualty loss on his tax return. His AGI for this year is $50,000, and he has other itemized deductions of $6,000. Rulon is single. What amount of the casualty loss may he deduct?
Business
1 answer:
sashaice [31]3 years ago
7 0

Answer:

Since half of his loss would be covered by insurance and he is not filing an insurance claim, he cannot take half of the loss.

For the half he can take, 4500, he must reduce it by 100 and then by 10% of his AGI. 4,500 - 100 - 5,000 = less than zero.

So he cannot deduct any of the loss.

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Answer:

the numbers are missing, so I looked for a similar question:

<em>Vince's Blinds will have cash receipts of​ $97,000 and cash disbursements of​ $108,000. If its beginning cash is​ $5,000 and its desired reserve is​ $2,000, what will be its shortfall in cash for the​ month?</em>

You have to repeat the same procedure for the following months. The ending balance of month 1 becomes the beginning balance of month 2, and so on. For month 2 we can flip the cash receipts and disbursements:

                                                 Month 1       Month 2       Month 3

Beginning cash balance          $5,000        $2,000        $5,000

Cash receipts                          $97,000    $108,000           ....

Cash disbursements           <u>($108,000)</u>    <u>($97,000)</u>

Net balance                            ($6,000)       $13,000

Cash from loan                        <u> $8,000</u>      <u>($8,000)</u>

Ending cash balance               $2,000        $5,000

Depending on the numbers that you have, you should be able to complete the 6 months and then just add the cash from loans.  

5 0
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