In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances? a. Wilson is an individual proprietor and has AGI of $225,000. The casualty loss was a personal loss, and the insurance recovered was $50,000 before any limitations. Wilson can claim a casualty loss as an itemized deduction of $ b. Assume Wilson is a C corporation, and the insurance recovered was $50,000 before any limitations. Wilson can deduct s

In 2021, Morley, a single taxpayer, had an AGI of $30,000 before considering the following items: Loss from damage to rental property (S6,000) (5,00-) Investment-loss (painting theft) Personal casualty gain Personal casualty loss (after $100 floor) 4,000 (9,000) All casualties gains and losses occurred after 3-1-21. Determine the amount of Morley's itemized deduction from the losses. $5,120 $5,500 $3,000 $2,900 None of these

Karane, Inc. is a calendar-year taxpayer. During 2022, Karane, Inc. placed the following assets into service: Asset Cost Placed in Service Date Computer 10,000 3/15/2022 Office Furniture 20,000 11/15/2022 Office Building 1,000,000 11/15/2022   Karane, Inc. has elected out of bonus depreciation and did not claim Section 179 depreciation. Karane used the default depreciation method for all assets. What is each asset's depreciation deduction in 2022?

During the current year, Tucker had the following personal casualty gains and losses (after deducting the $100 floor): Asset Holding Period Gain or (Loss) Asset 1 18 months ($14,300) Asset 2 2 months 8,580 Asset 3 3 years 17,875 What are the tax consequences of these items to Tucker? As a result of these transactions, Tucker has net personal casualty     of $fill in the blank 2. Therefore, he treats all of the gains and losses as    gains and losses.

Umair sold some equipment he used in his business on August 29, 2022, that was originally purchased for $60,000 on November 21, 2020. The equipment was depreciated using the seven-year MACRS method for a total of $15.921. Assume there is no additional netting of gains and losses for this taxpayer. Required: a. Assume Umair sold the equipment for $43,000: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? b. Assume Umair sold the equipment for $47,000: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? Complete this question by entering your answers in the tabs below. Req A1 and B1 Req A2 and B2 al. Assume Umair sold the equipment for $43,000. What is the amount of realized gain or loss on the sale of the equipment? b1. Assume Umair sold the equipment for $47,000. What is the amount of realized…