Constance, who is single, is in an automobile accident in 2016, ...

[Awilson837]

Question 1

A flood damaged an auto owned by Mr. and Mrs. South on June 15 of this year. The car was only used for personal purposes.



Based on these facts, what is the amount of the South's casualty loss deduction after limitations for this year?
◦ $900
◦ $1,000
◦ $4,400
◦ $4,500

Question 2

Constance, who is single, is in an automobile accident in 2016, and her car sustains $6,200 in damages. Constance does not expect to recover any of the loss from her insurance company. Constance's 2016 AGI is $31,000. Her casualty loss is $3,000; she has other itemized deductions of $1,200. In 2017, Constance's insurance company reimburses her $2,800. Constance's 2017 AGI is $28,000. As a result, Constance must
◦ amend the 2017 return to show the $200 loss.
◦ do nothing and simply keep the $2,800.
◦ amend the 2016 return to show $0 loss and file her 2017 return to show $200 loss.
◦ do nothing to the 2016 return but report $2,800 of income on her 2017 return.

[wshriver]

A FREE account is required to view all solutions! Click to Register

Login with Facebook Login with Google Login with Email

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 35% of students answer this correctly

[Awilson837]

TYSM

[tuate]

Thanks for the timely response, appreciate it