ario had AGI of $90,000 and will iter e hurricane was a federally declare • The plane had a value of $240, $125,000. • He estimates that his insurance • He wants to amend his 2020 re • In 2022, he received $68,000 of nat is his casualty loss deduction fo

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Mario had AGI of $90,000 and will itemize for 2021. He had significant damage to an antique plane as a result of a hurricane in 2021.
The hurricane was a federally declared disaster.
• The plane had a value of $240,000 before the hurricane. The value of the plane after the hurricane was estimated to be
$125,000.
• He estimates that his insurance will cover $75,000 of the repairs.
• He wants to amend his 2020 return for the loss. His 2020 AGI was $80,000.
• In 2022, he received $68,000 of proceeds from the insurance His 2022 AGI was $65,000.
What is his casualty loss deduction for 2020, 2021, and 20227
(530,900) for 2020; s0 for 2021; (5400) for 2022
s0 for 2020; ($31,900) for 2021: (S500) for 2022
s0 for 2020: ($30,900) for 2021: (S500) for 2022
O (531,900) for 2020; $0 for 2021: (5500) for 2022
Transcribed Image Text:Mario had AGI of $90,000 and will itemize for 2021. He had significant damage to an antique plane as a result of a hurricane in 2021. The hurricane was a federally declared disaster. • The plane had a value of $240,000 before the hurricane. The value of the plane after the hurricane was estimated to be $125,000. • He estimates that his insurance will cover $75,000 of the repairs. • He wants to amend his 2020 return for the loss. His 2020 AGI was $80,000. • In 2022, he received $68,000 of proceeds from the insurance His 2022 AGI was $65,000. What is his casualty loss deduction for 2020, 2021, and 20227 (530,900) for 2020; s0 for 2021; (5400) for 2022 s0 for 2020; ($31,900) for 2021: (S500) for 2022 s0 for 2020: ($30,900) for 2021: (S500) for 2022 O (531,900) for 2020; $0 for 2021: (5500) for 2022
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Tax loss carryovers
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education