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Author Question: Leonard owns a hotel which was damaged by a hurricane. The hotel had an adjusted basis of $1,000,000 ... (Read 45 times)

javeds

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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
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by javeds on Sep 13, 2020

moormoney

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Reply #1 on: Sep 13, 2020
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.
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javeds

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

raili21

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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