subject
Business, 12.03.2020 21:16 ProfS3770

Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and automobile. Applicable information is as follows: Item Adjusted Basis FMV before FMV after Insurance Proceeds Home $350,000 $500,000 $100,000 $280,000 Auto 60,000 40,000 10,000 20,000 Because of the extensive damage caused by the tornado, the President designated the area a disaster area. Olaf and his wife, Anna, always file a joint return. Their 2017 tax return shows AGI of $180,000 and taxable income of $140,000. In 2018, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $215,000. Determine the amount of Olaf and Anna's loss and the year in which they should take the loss.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 21:30
Part i a company's cereal is not selling well. create a 10-15-question survey that measures customers' preferences for the company's cereal product. then, answer the following questions: how many scale items will you put in the survey? justify your answer. will you use multiple-choice questions? why or why not? how many scale points will you use in the survey? justify your answer. what data type will be used in the survey? justify your answer. part ii as a second part of this assignment, create a set of survey questions, assuming that you sell cars. you are attempting to measure how customers perceive the quality of the cars that you sell. create three survey questions with simple category scales. justify why you selected those questions and scales. create three survey questions with multiple-choice, single-response scales. justify why you selected those questions and scales. create three survey questions with multiple-choice, multiple-response scales. justify why you selected those questions and scales. create three survey questions with likert scale summated ratings. justify why you selected those questions and scales.
Answers: 1
question
Business, 22.06.2019 11:50
The following are the current month's balances for abc financial services, inc. before preparing the trial balance. accounts payable $ 10,000 revenue 6,000 cash 3,000 expenses 17,500 furniture 10,000 accounts receivable 14,000 common stock ? notes payable 6,500 what amount should be shown for common stock on the trial balance? a. $48.000b. $12.500c. $27.000d. $28.000
Answers: 3
question
Business, 22.06.2019 20:00
An arithmetic progression involves the addition of the same quantity to each number.which might represent the arithmetic growth of agricultural production
Answers: 3
question
Business, 22.06.2019 21:00
You are given the following information about aggregate demand at the existing price level for an economy: (1) consumption = $400 billion, (2) investment = $40 billion, (3) government purchases = $90 billion, and (4) net export = $25 billion. if the full-employment level of gdp for this economy is $600 billion, then what combination of actions would be most consistent with closing the gdp gap here?
Answers: 3
You know the right answer?
Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and automobile. Ap...
Questions
question
English, 28.10.2020 03:00
question
Mathematics, 28.10.2020 03:00
question
English, 28.10.2020 03:00
question
Mathematics, 28.10.2020 03:00
question
Mathematics, 28.10.2020 03:00
question
Advanced Placement (AP), 28.10.2020 03:00
Questions on the website: 13722361