Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area was declared) and destroyed a fam building and some farm equipment and damaged a barn.
FMV
Item Adjusted Basis before FMV after damage Insurance Proceeds
Bulding $120, 300 $179, 400 0 $61,200
Equipment 80,200 59,3000 0 19,900
Barn 117,900 191,100 117,900 52, 800
Due to the extensive damage throughout the area, the president of the United States declared all areas affected by the huricane a disaster area. Derrick, who files a joint return with his wife, had $63,000 of taxable income last year. Their taxable income for the current year is $204,000, excluding the loss from the hurricane.
Required:
a-1. Calculate the amount of the loss deductible by Derrick and his wife.
a-2. What amount of loss should be adjusted against current and last year?
Answers: 3
Business, 21.06.2019 17:10
Four analysts cover the stock of fluorine chemical. one forecasts a 6% return for the coming year. the second expects the return to be negative 6%. the third predicts a return of 8%. the fourth expects a 2% return in the coming year. you are relatively confident that the return will be positive but not large, so you arbitrarily assign probabilities of being correct of 35 % comma 8 %, 17 %, and 40%, respectively, to the analysts' forecasts. given these probabilities, what is fluorine chemicals expected return for the coming year
Answers: 3
Business, 22.06.2019 15:30
Susan is a 5th grade teacher and loves getting up every day and going to work to teach her students. this is an example of a. extrinsic value b. interests c. intrinsic value d. external value
Answers: 2
Business, 23.06.2019 00:00
How did the change in textile production affect employment in spinning and weaving for adults and children?
Answers: 1
Business, 23.06.2019 11:00
The average month end closing stock price for company a over the past year is $34.57 with a standard deviation of $4.65. the average month end closing stock price for company b over the same period is $26.15 with a standard deviation of $7.45. based on this data, we can conclude that the stock price for company a is more consistent when compared to the stock price for company b.
Answers: 3
Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area wa...
Mathematics, 13.09.2019 04:30
Mathematics, 13.09.2019 04:30
Mathematics, 13.09.2019 04:30
Physics, 13.09.2019 04:30
Social Studies, 13.09.2019 04:30
Mathematics, 13.09.2019 04:30
Social Studies, 13.09.2019 04:30
Mathematics, 13.09.2019 04:30
Mathematics, 13.09.2019 04:30
Arts, 13.09.2019 04:30
History, 13.09.2019 04:30
Mathematics, 13.09.2019 04:30
Social Studies, 13.09.2019 04:30