Kennedy is the chef and owner of a restaurant, operated as a sole proprietorship, which was damaged
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Question:
Kennedy is the chef and owner of a restaurant, operated as a sole proprietorship, which was damaged by a tornado.
Damaged assets include
building; basis of $150,000 and reduced FMV (fair market value) of $200,000,
equipment; basis of $30,000 and a reduced FMV of $20,000.
Kennedy's AGI for the year is $60,000.
She received insurance payments of $100,000 for the building damage and $10,000 for the equipment damage.
What is the deductible casualty loss?
Related Book For
Fundamentals Of Taxation 2015
ISBN: 9781259293092
8th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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