美国注册会计师专题突破:Regulation(3)

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  In the current year, Joan Frazer's residence was totally destroyed by fire. The property had an adjusted basis and a fair market value of $130,000 before the fire. During the year, Frazer received insurance reimbursement of $120,000 for the destruction of her home. Frazer's current year adjusted gross income was $70,000. Frazer had no casualty gains during the year. What amount of the fire loss was Frazer entitled to claim as an itemized deduction on her current year tax return?

  

  a. $8,600

  

  b. $2,900

  

  c. $10,000

  

  d. $8,500

  

  答案:B

  

  Explanation

  

  Choice "b" is correct. The casualty loss is measured by the difference in the property's value before $130,000 and after zero the casualty, in other words, $130,000. The casualty loss must be reduced by the $120,000 insurance recovery to $10,000. This loss is reduced by $100 per casualty to $9,900. The sum of all such casualty losses there is only one in this case is further reduced by 10% of the taxpayer's adjusted gross income for the year. That is 10% x $70,000 $7,000. The amount of the casualty loss that is deductible on Frazer's tax return is $9,900 $7,000 $2,900.

  

 

 

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