Locate and print Form 4684 (Casualties and Thefts). Enter the following information and complete the form to
Question:
Locate and print Form 4684 (Casualties and Thefts). Enter the following information and complete the form to the extent possible: Howser Corporation, a calendar-year corporation, discovered in January that its bookkeeper (who was fired late last year) had embezzled $45,000 from the company. The theft was not covered by insurance. In October, a hurricane damaged its warehouse building in the Florida Keys. The building’s fair market values before and after the hurricane were $425,000 and $150,000, respectively. The basis of the building at the time of the damage was $235,000. Howser received only $200,000 from its insurance company due to its limited hurricane coverage.
Step by Step Answer:
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin