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1. Marge's auto, which is used for business purposes only, is totally destroyed by a fire. The fair market value of the auto was $8,000 at the time of the fire and the adjusted basis was $10,000. find out the loss, and determine whether it is a deduction for or a deduction from AGI.

2. George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy as a dependent? Fully describe and provide assumptions.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945052

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