Business, 19.03.2020 17:30 porfi

In 2019, Kelsey sustained a loss on the theft of a painting. She had paid $20,000 for the painting, but it was worth $40,000 at the time of the theft. What are the tax consequences of treating the painting as (a) investment property or as (b) personal use property? a. If the painting is treated as investment property, the loss is . Before adjustments (if any), the loss is limited to the of the property at the time of destruction. b. If the painting is treated as personal-use property, the loss is . Before adjustments (if any), the loss is limited to the o

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In 2019, Kelsey sustained a loss on the theft of a painting. She had paid $20,000 for the painting,...

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