Wednesday
April 23, 2014

Homework Help: tax

Posted by Andy on Wednesday, March 7, 2012 at 2:34pm.

In 2011, the Chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area. They had AGI of $110,000 in 2011. The following information relates to the craft:


cost basis $95000
FMV before casualty $145000
FMV after casualty $25000


The Chens had insurance and received an $80,000 insurance settlement. What is the allowable casualty loss deduction for the Chens in 2011?
A. $50,000
B. $15,000
C. $3,900
D. $3,000


is it C

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

income tax - In 2011, the Chens' pleasure boat was severely damaged by a ...
Science - What happens if the nervous system is damaged? You are either ...
Fundamentals of Taxation - Tom and Betsy who are married filing jointly, ...
tax - during 2011 sam paid following: property tax on residence (paid from ...
accounting - Ayres Services acquired an asset for $80 million in 2011. The asset...
tax income - Tom and Betsy, who are married filing jointly, reported a standard ...
tax - During 2011 Shakira paid following expenses: prescription medicines $525 ...
physics - Search: On a pleasure cruise a boat is traveling relative to the water...
physics - On a pleasure cruise a boat is traveling relative to the water at a ...
tax income - Tom and Betsy, who are married filing jointly, reported a standard ...

Search
Members