Carmen Viers lost everything to a fire and has spent the last eight weeks living in a motel room at a cost of $8,032. Her dwelling, which was destroyed as a result of a lightning strike, was insured with an HO-2 policy for $333,431. Prior to the loss, her home was valued at $358,000, her detached garage and poolhouse were valued at $41,833, and her personal property had an actual cash value of $119,468. To make matters worse she sustained $10,000 in injuries while trying without success to save her three Greyhound dogs valued at $6,000 each. How much of her total losses and expenses will be reimbursed if she has a $1,000 deductible? ..... The amount of total losses and expenses she will be reimbursed if she has a $1,000 deductible is $ (Round to the nearest dollar.)

Carmen Viers lost everything to a fire and has spent the last eight weeks living in a motel room at a cost of $8,032. Her dwelling, which was destroyed as a result of a lightning strike, was insured with an HO-2 policy for $333,431. Prior to the loss, her home was valued at $358,000, her detached garage and poolhouse were valued at $41,833, and her personal property had an actual cash value of $119,468. To make matters worse she sustained $10,000 in injuries while trying without success to save her three Greyhound dogs valued at $6,000 each. How much of her total losses and expenses will be reimbursed if she has a $1,000 deductible? ..... The amount of total losses and expenses she will be reimbursed if she has a $1,000 deductible is $ (Round to the nearest dollar.)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 66P

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