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.Susan's house was completely destroyed by fire in 2013. Susan's AGI in 2013 is $50,000 and she used her home for personal purposes only. Her adjusted basis in the house is $200,000 it had a fair market value of $265,000 before the fire. She received insurance proceeds of $190,000 in 2013.
a. find out Susan's casualty loss.

b. describe in your own words the difference between the casualty loss rules for business assets versus personal assets and whether you agree with Congress on the need for different treatment for business and personal casualty & theft losses.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942128

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