Question: Compute Jon's adjusted gross income for 2016. While Sue was on vacation during the current year, someone broke into her home and stole the following
Compute Jon's adjusted gross income for 2016. While Sue was on vacation during the current year, someone broke into her home and stole the following items: bullet A computer used 60% in connection with Sue's employment as an employee and 40% for her personal use. The cost of the computer was $8,000. Depreciation of $3,000 had been taken on the computer and it had a fair market value of $4,000 at the time of the theft. bullet A painting, which Susan purchased as an investment for $10,000, had a fair market value of $17,000. bullet Silverware purchased for $3,000 had a fair market value of $5,000. bullet Cash of $30,000. Sue's adjusted gross income, before considering any of the above items, is $60,000. Determine the total amount of Susan's itemized deductions resulting from the theft
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