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 2022s0 for 2020; ($31,900) for 2021: (S500) for 2022s0 for 2020: ($30,900) for 2021: (S500) for 2022O (531,900) for 2020; $0 for 2021: (5500) for 2022

Casualty Loss is deductible in the year in which it occured losses i.e generally in the year loss…

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

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

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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

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