Chapter 7 in-class problems-completed

Chapter 7 in-class problems-completed - 35...

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 35  180,000 Salary (100,000) Maximum amount of Section 1244 loss allowed (3,000) Maximum net capital loss deduction 77,000 AGI Remaining Sec is treated as a l Gain on sale of this case is trea gain Nonbusiness b as short-term c Net short-term 36 Sell all this This year Salary 80,000 §1244 loss (50,000) Remaining loss is LTCL (30,000) Capital gain this year 8,000 Net LTCL (22,000) applied to AGI 3,000 (3,000) Net LTCL carryforward (19,000) Capital gain next year 10,000 Net LTCL (9,000) applied to AGI 3,000 Net LTCL carryforward (6,000) AGI 27,000 Combined AGI for the two years 114,000 37 Business computer (at adjusted basis) 15,000 less insurance recovery (3,000) Net business theft loss 12,000 Silverware 7,000 less insurance recovery (2,000) Net loss on silverware 5,000 Cash 8,000 total personal theft loss 13,000
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less per occurrence reduction amount (500) less 10% AGI (3,800) Personal theft loss deduction 8,700 Bearer bonds 30,000 less insurance recovery no reduction per occurrence no reduction of 10% AGI Miscellaneous itemized deduction not 30,000 subject to any % of AGI 38 Building Equipment Adjusted basis 90,000 40,000 for partial loss, use lesser of AB or decline in FMV
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