1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ollegr [7]
3 years ago
12

On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basi

s of $7,000. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2019 is $50,000, calculate the amount of his theft loss deduction.
Business
1 answer:
Mama L [17]3 years ago
3 0

Answer: $1,900

Explanation:

Theft loss deduction is calculated by adjusting the fair market value of the asset for a theft loss floor limitation of $100 and 10% of the person's AGI.

Theft loss deduction is:

= Fair value -Theft floor limitation - 10% of AGI

= 7,000 - 100 - (10% * 50,000)

= $1,900

You might be interested in
Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers?
Harlamova29_29 [7]

I believe the answer is:

High school athletes stop shopping there.


The inventory of sports socks goes unsold.

High school athletes tend to need the type of shoes that help in their mobility and tend to posses high level of endurance. These characteristics do not exist in Dress shoes. When high school athletes stop buying their shoes on the store, the number of stocks in the inventories tend to stay stagnant since it could not find customers.

6 0
3 years ago
Read 2 more answers
Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able
Sergio039 [100]

Answer:

Two(2) exemptions

Explanation:

The first exemption would be based on the fact that Ronald has health challenges while the second exemption would be on the basis of Ed's (his son) state of mental capability.

8 0
3 years ago
Describing matter worksheet physical property that makes metal pots good for cooking is
bulgar [2K]

The physical property that may be able to provide a beneficiary for metal pots as a source of good cooking is its heat conductivity of which allow this material to be conducted to heat and allows the food to be cooked thoroughly making it good for cooking.

5 0
3 years ago
Bennett Co. has a potential new project that is expected to generate annual revenues of $255,800, with variable costs of $141,20
Mandarinka [93]

Answer:

b. $124,120

Explanation:

4 0
2 years ago
When evaluating a balance sheet, the two primary questions are ________?
Brilliant_brown [7]

In terms of evaluating balance sheet, the two primary questions that are being formulated are the following;

-          The assets are financially secure or stable

-          The firm has assets that are sufficient and are short term in means of having debts that are only short and temporary.

4 0
3 years ago
Other questions:
  • Assume that you are participating in your employers direct deposit program. On payday, the employer deposits your _____ into you
    13·2 answers
  • Suppose the income tax rate is 0 percent on the first $10,000; 10 percent on the next $20,000; 20 percent on the next $20,000; 3
    11·2 answers
  • Cajun Cookin' sits on a large landscaped lot. Brian and Sondra have a contract with Lovely Landscapes to mow the lawn and take c
    15·1 answer
  • Why doesn't the theory of averages work for investing in the dow jones industrial average or the standard & poor's 500-stock
    5·1 answer
  • Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpet
    13·1 answer
  • In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an
    9·1 answer
  • The following schedule shows the technology of production at Mahalo Macadamia Nut Farm for​ 2015: Workers Total Pounds of Macada
    15·1 answer
  • The disaster recovery team will be made up of many different people in the __________ who have a stake in the outcome of recover
    11·1 answer
  • Louis, an employee at Yoko Inc., had been notified of his termination from the company without sufficient justification. During
    12·1 answer
  • Which of the following would constitute a technological improvement?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!