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Augustus1 Augustus1
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7 years ago
Determine the net deductible casualty loss on the Schedule A for Alan Michael when his adjusted gross income was $40,000 in 2010 and the following occurred:

    Adj.    FMV     FMV   Insurance
Asset   Basis   Before   After   Reimbursement
   A   $1,200   $2,000   $ 500   $ 100
   B   14,000   12,000   5,000   1,100
   C   600   3,000   2,775   125
   
A and B were destroyed in the same casualty in March. C was destroyed in a separate casualty in July.

All casualty losses were nonbusiness personal use property losses and none occurred in a federally declared disaster area.

What is the amount of the net deductible casualty loss?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
Your explanation helped, amazing amazing!
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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