Elizabeth is single, reports the following items for 2019: Salary $145,000 Casualty loss on business property $12,000 Loss on sale of section 1244 stock $56,000 Federal disaster area personal casualty gains $16,000 Federal disaster area personal casualty losses (after $100 floor) $33,000 Determine Elizabeth’s: a. 2019 AGI b. Casualty loss deduction from AGI for 2019, assuming floor of 10%.

Elizabeth is single, reports the following items for 2019: Salary $145,000 Casualty loss on business property $12,000 Loss on sale of section 1244 stock $56,000 Federal disaster area personal casualty gains $16,000 Federal disaster area personal casualty losses (after $100 floor) $33,000 Determine Elizabeth’s: a. 2019 AGI b. Casualty loss deduction from AGI for 2019, assuming floor of 10%.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 39P

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