Rebecca has a $6,400 casualty loss, before any limitations, as a result of the complete destruction of

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Rebecca has a $6,400 casualty loss, before any limitations, as a result of the complete destruction of personal-use property. She also receives $1,200 of insurance proceeds for the destruction of a second item of personal-use property which was damaged in a separate casualty. The damaged property had a fair market value before the casualty of $2,000 and after the casualty of $700. The adjusted basis of the property was $500. Determine the amount and nature of Rebecca’s gain or loss before the 10 percent of AGI limitation as a result of these casualties.

Amount of gain or loss $
Nature

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Related Book For  answer-question

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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