In the current year, John Barraclough has $50,000 of adjusted gross income, a $10,000 casualty loss...
In the current year, John Barraclough has $50,000 of adjusted gross income, a $10,000 casualty loss and a $2,000 casualty gain. How much is John's net deductible casualty loss after making all appropriate reductions, assuming the casualty was associated with a federally declared disaster?
a. $0
b. $2,900
c. $3,000
d. $7,900
e. $8,000
Homework Answers
| Total Deduction = $ 10,000 - $ 100 - $ 5,000 - $ 2,000 = $ 2,900 |
| ohn's net deductible casualty loss = $ 2,900 |
| Answer , |
| b. $ 2,900 |
| Total Deduction = $ 10,000 - $ 100 - $ 5,000 - $ 2,000 = $ 2,900 |
| ohn's net deductible casualty loss = $ 2,900 |
| Answer , |
| b. $ 2,900 |
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