Heather owns a two-story building. the building is used 40% for business use and 60% for personal use. during 2019, a fire caused major damage to the building and its contents. heather purchased the building for $800,000 and has taken depreciation of $100,000 on the business portion. at the time of the fire, the building had a fair market value of $900,000. immediately after the fire, the fair market value was $200,000. the insurance recovery on the building was $600,000. the contents of the building were insured for any loss at fair market value. the business assets had an adjusted basis of $220,000 and a fair market value of $175,000. these assets were totally destroyed. the personal use assets had an adjusted basis of $50,000 and a fair market value of $65,000. these assets were also totally destroyed. if heather's agi is $100,000 before considering the effects of the fire, determine her itemized deduction as a result of the fire. also determine heather’s agi.

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The following selected circumstances relate to pending lawsuits for erismus, inc. erismus’s fiscal year ends on december 31. financial statements are issued in march 2019. erismus prepares its financial statements according to u.s. gaap. required: indicate the amount erismus would record as an asset, liability, or not accrued in the following circumstances. 1. erismus is defending against a lawsuit. erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000. 2. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000. 4. erismus is a plaintiff in a lawsuit. erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000. 5. erismus is a plaintiff in a lawsuit. erismus’s management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000.

Why entrepreneurs start businesses. a) monopolistic competition b) perfect competition c) sole proprietorship d) profit motive