Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and
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Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and automobile. Applicable information is as follows:
Because of the extensive damage caused by the tornado, the President designated the area a disaster area.
Olaf and his wife, Anna, always file a joint return. Their 2015 tax return shows AGI of $180,000 and taxable income of $140,000. In 2016, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $215,000.
Determine the amount of Olaf and Anna’s loss and the year in which they should take the loss.
Transcribed Image Text:
Item Home Auto Adjusted Basis $350,000 60,000 FMV before $500,000 40,000 FMV after $100,000 10,000 Insurance Proceeds $280,000 20,000
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Olaf and Anna experienced a casualty loss due to the tornado damage to their home and automobile To determine the amount of their casualty loss and th...View the full answer
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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