Elizabeth is single, reports the following items for 2019: Salary $145,000 Casualty loss on business property $12,000

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Elizabeth is single, reports the following items for 2019:

Salary $145,000

Casualty loss on business property $12,000

Loss on sale of section 1244 stock $56,000

Federal disaster area personal casualty gains $16,000

Federal disaster area personal casualty losses (after $100 floor) $33,000

Determine Elizabeth’s: a. 2019 AGI b. Casualty loss deduction from AGI for 2019, assuming floor of 10%.

Related Book For answer-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Posted Date: May 25, 2021 08:02 PM

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Elizabeth is single, reports the following items for 2019: Salary $145,000 Casualty loss on business property $12,000

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Calculation of Adjusted Gross Income of Elizabeth Particulars Amount Salary 145000 Federal disaster ... View the full answer

Accounting

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