Question

Ms. White has been unlucky this year. On a business trip to Boston, her wallet (which contained $900 cash) was stolen. Her new automobile ($24,000 basis and FMV) was completely destroyed by a fire, and she received only $17,500 from the insurance company. A tornado wiped out a grove of ornamental trees growing near her home. She paid $6,100 to replace the trees and received no insurance reimbursement. Compute Ms. White’s casualty loss deduction if her AGI is:
a. $53,000.
b. $210,000.


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  • CreatedNovember 03, 2015
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