In 2014 georgia had the following insured personal casualty, Ask an Expert

Accounting

In 2014, Georgia had the following insured personal casualty losses (arising from one casualty). Georgia also had $20,000 adjusted gross income for the year.

Adjusted Fair Market Value Insurance

Asset Basis Before After Recovery

A 1,200 1,000 200 100

B 3,000 2,000 0 500

C 600 800 0 100

What is Georgia’s itemized deduction for her casualty losses?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91393813

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