Author Question: Leonard owns a hotel which was damaged by a hurricane. The hotel had an adjusted basis of $1,000,000 ... (Read 29 times)

javeds · **on:** Sep 13, 2020

Question 1

Lena owns a restaurant which was damaged by a tornado. The following assets were partially destroyed:

Lena has AGI of $50,000. What is the amount of Lena's deductible casualty loss?
◦ $54,900
◦ $60,000
◦ $70,000
◦ $180,000

Question 2

Leonard owns a hotel which was damaged by a hurricane. The hotel had an adjusted basis of $1,000,000 before the hurricane. A recent appraisal determined that the hotel's FMV was $1,500,000 before the hurricane and $700,000 afterwards. Leonard received insurance proceeds of $500,000. His AGI is $60,000. What is the amount of his deductible casualty loss?
◦ $293,900
◦ $300,000
◦ $793,900
◦ $800,000

moormoney · **Reply #1 on:** Sep 13, 2020

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