ABC Inc of Jasper Georgia suffered a casualty loss of 150000 in March 2013 This

Abc inc of jasper georgia suffered a casualty loss of

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33. ABC, Inc. of Jasper, Georgia suffered a casualty loss of $150,000 in March 2013. This loss was caused by heavy rains that completely flooded their factory. As a result of these rains, the President declared North Georgia (including Jasper) a disaster area on March 23, 2013. In what year can ABC, Inc. elect to deduct the casualty loss? a. 2013 or 2014*b. 2012 or 2013c. Only 2013d. Only 2012 34. Which of the following is not a passive activity?
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35. All of the outstanding stock of a closely held C corporation is owned equally by Evelyn Humo and Steve Bufusno. In 2013, the corporation generates taxable income of $20,000 from its active business activities. In addition, it earns $20,000 of interest from investments and incurs a $40,000 loss from a passive activity. How much income does the C corporation report for 2013? 36. All of the outstanding stock of a closely held C corporation is owned equally by Evelyn Humo and Steve Bufusno. In 2013, the corporation generates taxable income of $20,000 from its active business activities. In addition, it earns $20,000 of interest from investments and incurs a $40,000 loss from a passive activity. How much of a passive loss carryover does the corporation have? 37. During 2013, Hugh Hughes reported the following income and loss: Activity X($50,000)Activity Y$20,000Both Activity X and Activity Y are passive to Mr. Hughes. Hugh purchased Activity X in 1987 and Activity Y in 1993. How much is the loss that Mr. Hughes may deduct in 2013? a. $50,000b. $30,000c. $3,000*d. $0 38. John Mapp dies with passive activity property having an adjusted basis of $50,000, suspended losses of $20,000, and a fair market value at the date of Mr. Mapp's death of $77,000. How much suspended loss can be taken on Mr. Mapp's final Form 1040 return? 39. John Mapp dies with passive activity property having an adjusted basis of $50,000, suspended losses of $20,000, and a fair market value
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at the date of Mr. Mapp's death of $60,000. How much suspended loss can be taken on Mr. Mapp's final Form 1040 return? 40. Billy Ray owns several parcels of rental real estate, and he actively participates in managing the properties. His total loss from these activities in 2013 is $30,000. Assuming that his AGI for 2013 is $110,000, what is the allowable deduction from these properties in 2013?
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