While Susan was on vacation during the current year, someone broke into her home and stole the following items:
?A computer used 60% in connection with Susan as an employee and 40% for her personal use. The cost of the computer was $8,000. Depreciation of $3,000 had been taken on the computer and it had a fair market value of $4,000 at the time of the theft.?A painting that Susan purchased as an investment for $10,000 had a fair market value of $17,000.?Silverware purchased for $3,000 had a fair market value of $5,000.?Cash of $30,000.?
Susan’s adjusted gross income, before considering any of these items, is $60,000. Determine the total amount of her itemized deductions resulting from the theft.
What will be an ideal response?
?
Painting loss (investment property) | $10,000 | ||
Casualty losses (not allowed; not a result of a Federally declared disaster) | ? -0- | ||
Total itemized deductions | $10,000 |
Business
You might also like to view...
The future use of product placements and branded entertainment will depend on:
A) the level of clutter in the placements B) the costs C) viewer acceptance D) the measured impact on sales
Business
[APPENDIX] One example of a temporary difference between financial and tax reporting results from
a. rent expense. b. tax-exempt interest from municipal bonds. c. life insurance proceeds resulting from the death of an executive. d. depreciation of long-term assets.
Business
What are the five basic network architectures?
Business
E-mails sent to customers can be written in a more casual format than business letters sent by conventional mail.
Answer the following statement true (T) or false (F)
Business