f. Wayne lost $640 on the bets he made at the race track, but he won $128 playing Deductible for AGI Deductible from AGI Not deductible $ $ 0 (512)
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- Bill received $100,000 in insurance proceeds to compensate him 3budiness equipment destroyed by a fire. The adjusted basis of the equipment was $80,000. Bill reinvested $95,000 of the insurance proceeds in replacement business equipment within the time allowed. He wants to defer gain to the maximum extent allowed. Bill must recognize how much gain? A. 2,500 B. 5,000 C. 25,000 D. 450,000Nat is a salesman for a real estate developer. His employer permits him to purchase a lot for $75,000. The employer’s adjusted basis for the lot is $45,000, and its normal selling price is $90,000. What is Nat’s recognized gain and his basis for the lot? Recognized Gain Basis $0 $ 75,000 $0 $ 90,000 $15,000 $ 75,000 $15,000 $ 90,00029. Brenda filed suit against her insurance company for deceptive trade practices. She seeks $5,000 in damages; $12,000 for mental anguish; and $10,000 for attorney fees. Her insurance company countersues for slander and seeks $10,000. If the court awards both parties what they are asking, how much would Brenda receive in most jurisdictions? a. $10,000 ob. $17,000 OC. $28,000 Od. $30,000
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