Wilbur DuVal has an apartment full of antique furniture. A fire in the apartment destroys a large
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Wilbur DuVal has an apartment full of antique furniture. A fire in the apartment destroys a large part of his furnishings. The destroyed furnishings had a fair market value of $40,000, and Wilbur’s original basis in the furnishings was $33,100. He recovers $11,500 from his insurance company. Wilbur’s adjusted gross income for 2016 is $46,000. Use Form 4684 on Page 5-45 to report Wilbur’s loss.
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Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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