Gene was the named executor of his friend Kens estate. During the administration of the estate, Kens
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Gene was the named executor of his friend Ken’s estate. During the administration of the estate, Ken’s home was completely destroyed by a one-of-a-kind mudslide, which is exceedingly rare in the state where the home was located. The President of the United States has officially declared the mudslide situs as a federal disaster area. The value of Ken’s home before the disaster was $5,769,000 and there is now a worthless hole in the ground where Ken’s house once stood. Ken’s homeowner’s insurance settled Gene’s executor claim for $4,715,000. On For 706,
Ken’s estate can claim a casualty loss deduction under Section 2054 amounting to:
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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