During the year mark zuckerberg had the following business, Ask an Expert

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During the year, Mark Zuckerberg had the following business theft losses and Reid Hoffman (AGI=$50,000) had the following personal casualty losses:

· adjusted basis: Mark = $900, Reid = $2,500

· fair market value of asset before event: Mark = $600, Reid = $4,000

· fair market value of asset after event: Mark = $0, Reid = $1,000

· insurance proceeds: Mark = $400, Reid = $500

What are the deductible losses for Mark and Reid, respectively?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92084548

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