It HWch8 - (3,000 loss No 3(6,000 basis Ins Proc 8,000...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ch 8 48, 52, 53, 54; 48-- Loss Business Equip. A Part. Destroyed (8,300) (Decline in FMV 12,300 - 4,000) Ins. Proc. 3,700 (4,600) loss Equip. B Fully Destroyed (basis) (3,000) Ins. Proc. 7,800 4,800 gain Equip. C ? (13,800) Ins. Proc. 11,400 (2,400) loss Del. Truck Fully Destroyed (basis) (17,500) Ins. Proc. 16,000 (1,500) loss Total Net Business Loss (3,700) (3,700) FOR AGI AGI before Cas. 80,000 Bus. Cas. Loss (3,700) AGI 76,300 ID: Personal Cas. 15,000 (decline in fmv) Ins. Proc. (12,000) Cas. Loss 3,000 (100) 10% of AGI (7,630) Net Cas. Loss - hard problem 52 Business: Loss No. 1 Fully Destroyed (15,000) Basis Ins. Proc 4,000 (11,000) loss No. 2 Part. Destroyed (8,000) Basis Ins. Proc 3,000 (5,000) loss No. 3 Fully Destroyed (18,000) Basis Ins. Proc 19,000 1,000 gain Total Business Cas. Loss (15,000) FOR AGI (15,000) loss Personal: No. 1 (12,000) decline in FMC Ins. Proc. 2,000 (10,000) loss No. 2 (3,000) decline in FMC Ins. Proc.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: - (3,000) loss No. 3 (6,000) basis Ins. Proc. 8,000 2,000 loss Total Personal Cas. Loss (11,000) (11,000) loss AGI without cas. Loss 80,000 Bus. Cas. Loss (15,000) AGI 65,000 ID: Mortgage Int. 6,000 Prop. Tax 2,000 Char. Contr. 4,000 Cas. Loss 11,000 (100) 10% of AGI (6,500) Cas. Loss 4,400 Total ID (16,400) PE (3,700) Taxable Income 44,900 53 1200 none since no cash was ever received 54 5,000 - 500 = 4,500 loss 2010 1000 2011 400 50-- a. not reported because he has a reasonable basis for full recovery b. 15,000 (1,500) 13,500 (100) 10% X 42,000 (4,200) Cas. Loss as ID 9,200 49-- a. 3,000 cash is business and fully deductible for AGI Personal are ID Necklace (2,300) Ins. Proc. 6,000 Ring (3,000) Total Cas. Gain 700 will be treated as a capital gain b. none for this year. Loss is deductible in the year of discovery...
View Full Document

{[ snackBarMessage ]}

Page1 / 2

It HWch8 - (3,000 loss No 3(6,000 basis Ins Proc 8,000...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online