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asualty Losses. During 2013, Pam incurred the following casualty losses:

Asset FMV Before FMV After Basis Insurance
Business 1 $18,000 $ 0 $15,000 $4,000
Business 2 25,000 10,000 8,000 3,000
Business 3 20,000 0 18,000 19,000
Personal 1 12,000 0 20,000 2,000
Personal 2 8,000 5,000 10,000 0
Personal 3 9,000 0 6,000 8,000

All of the items were destroyed in the same casualty. Before considering the casualty items, Pam reports business income of $80,000, qualified residential interest of $6,000 property taxes on her personal residence of $2,000, and charitable contributions of $4,000. Compute Pam's taxable income for 2013. Pam is single.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941012

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