Connor's house burns down in a wildfire. The wildfire was a federally-declared disaster. Connor is self-employed...
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Connor's house burns down in a wildfire. The wildfire was a federally-declared disaster. Connor is self-employed as an attorney. A business computer and a personal computer are destroyed. The business computer was worth $20,000 at the time of the fire (Connor originally paid $25,000 for it). The personal computer was worth $10,000 at the time of the fire (Connor originally paid $5,000 for it). Connor receives $1,000 in insurance proceeds for the business computer, but he receives nothing for the personal computer. Connor's AGI is $50,000 (before considering the business casualty loss). Asset Business Computer Personal Computer Classification (Business or Personal) Adjusted Basis Fair Market Value Before Fair Market Value After Insurance Recovery Total Deductible Casualty Loss Amount of Casualty Loss (before adjustment) Connor's house burns down in a wildfire. The wildfire was a federally-declared disaster. Connor is self-employed as an attorney. A business computer and a personal computer are destroyed. The business computer was worth $20,000 at the time of the fire (Connor originally paid $25,000 for it). The personal computer was worth $10,000 at the time of the fire (Connor originally paid $5,000 for it). Connor receives $1,000 in insurance proceeds for the business computer, but he receives nothing for the personal computer. Connor's AGI is $50,000 (before considering the business casualty loss). Asset Business Computer Personal Computer Classification (Business or Personal) Adjusted Basis Fair Market Value Before Fair Market Value After Insurance Recovery Total Deductible Casualty Loss Amount of Casualty Loss (before adjustment)
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Business Computer Classification Business Adjusted Balance Original cost of 25000 Fair Market ValueB... View the full answer
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Posted Date:
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