Question

In: Accounting

During 2019,Alonzo incurred one personal casualty loss due to a federally declared major disaster . The...

During 2019,Alonzo incurred one personal casualty loss due to a federally declared major disaster . The amount of the loss after reimbursements is $6500. Alonzo's AGI is $40,000 . What is the amount of his casualty loss deduction

A. $1,550

B. $1.950

C. $5,550

D, $ 6,050

Solutions

Expert Solution

B. $1.950
Casualty loss $6,050
Subtract $100 per incident $100
Loss after $100 rule $5,950
Subtract 10% of $40,000 AGI $4,000
Casualty loss deduction $1,950

Related Solutions

When we are in a lawsuit that a loss was incurred by Third-party due to reliance...
When we are in a lawsuit that a loss was incurred by Third-party due to reliance on misleading financial statements. The auditor has the burden of demonstrating as a defense that an adequate audit was conducted. So how we can prove that we already do an adequate audit? Is the court will suporting the auditor or not when the laypeople with no accounting experience make up the jury.? explain please
Central City, Inc. has incurred a $50,000 loss on property due to an earthquake. Earthquakes have...
Central City, Inc. has incurred a $50,000 loss on property due to an earthquake. Earthquakes have occurred in this region. What amount will be reported for this loss on company's income statement, assuming a 30% tax rate? A) $50,000 B) $35,000 C) $15,000 D) Zero, due to the fact that this event is infrequent in nature.
Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred...
Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred and paid the following medical expenses: Drugs and medicines prescribed by doctors $300 Health insurance premiums $750 Doctors' fees $2,650 Eyeglasses $75 Jon received $900 in 2019 as a reimbursement for a portion of the doctors' fees. If Jon were to itemize his deductions, what would be his allowable medical expense deduction after the adjusted gross income limitation is taken into account? a.$3,775 b.$2,875...
Mohkam’s incurred the following costs during 2019. Direct material used .......................................................................................... Rs.87,000,000 Direct labor .................................................................
Mohkam’s incurred the following costs during 2019. Direct material used .......................................................................................... Rs.87,000,000 Direct labor ....................................................................................................... 162,000,000 Manufacturing overhead applied ........................................................................ 90,000,000 During 20x2, products costing $600,000 were finished, and products costing $66,000,000 were sold on account for $97,500,000. There were no purchases of raw material during the year. The beginning balances in the firm’s inventory accounts are as follows: Raw material .................................................................................................... $113,500,000 Work in process ................................................................................................ 9,000,000 Finished goods ................................................................................................. 15,000,000 Required: 1. Prepare T-accounts to show the flow...
Wrigley Company issued the following notes during 2019. Find the interest due on each of the...
Wrigley Company issued the following notes during 2019. Find the interest due on each of the notes, using the interest formula method. Analyze: What is the balance in Notes Payable on December 31, 2019, assuming that all notes were paid when due? Find the interst due on each of the notes, using the interst formula method. (use the 360 days a year) 1. A $15000 note at 9 percent for 180 days, issued February 15 2. A $14000 note at...
Eva received $62,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business...
Eva received $62,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business expenses relating to her work for JAZZ, Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200 A-Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? B- Assume that Eva is considered to be an employee. What is her...
Eva received $61,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $10,000 in business...
Eva received $61,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $10,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for...
Which one of following is not a major method of managing risk? A. Loss identification B....
Which one of following is not a major method of managing risk? A. Loss identification B. Loss financing C. Loss control D. Internal risk reduction
Biomedical ethics, chapter 21 When a major disaster happens, can one expect others to demostrate ethical...
Biomedical ethics, chapter 21 When a major disaster happens, can one expect others to demostrate ethical decision-making abilities? Why or why not?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT