During the year, Kate, who is self-employed, had adjusted gross income of $80,000 before considering the...
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During the year, Kate, who is self-employed, had adjusted gross income of $80,000 before considering the following casualty items: Personal casualty gain Personal casualty loss (after $100 floor) $ 8,000 (6,000) Loss from casualty damage to rental property (20,000) Loss from casualty damage to business computer (5,000) Determine Kate's adjusted gross income (AGI) after considering the casualty items. During the year, Kate, who is self-employed, had adjusted gross income of $80,000 before considering the following casualty items: Personal casualty gain Personal casualty loss (after $100 floor) $ 8,000 (6,000) Loss from casualty damage to rental property (20,000) Loss from casualty damage to business computer (5,000) Determine Kate's adjusted gross income (AGI) after considering the casualty items.
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