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April 18, 2014

Homework Help: income tax

Posted by Lourane on Thursday, December 13, 2012 at 9:23am.

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 $95,000
FMV before casualty 145,000
FMV after casualty 25,000

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

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