1.In 2019 John's house was completely destroyed by a fire which was in a Federally declared disaster area. His adjusted

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answerhappygod
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1.In 2019 John's house was completely destroyed by a fire which was in a Federally declared disaster area. His adjusted

Post by answerhappygod »

1.In 2019 John's house was completely destroyed by a fire which
was in a Federally declared disaster area. His adjusted basis
in the home was $125,000. His AGI in 2019 was $90,000.
The house was insured for $100,000 and his insurance deductible was
10%. How much was John's deductible casualty loss in 2019
$15,900
$25,900
$25,000
$26,000
$16,000
2.
During 2019, Amanda was allocated a passive loss of $50,000 in
an investment in XYZ Ltd which she had an at-risk amount of
$40,000. In 2019 she was also allocated passive income from
another investment in ABC LTD of $15,000. What is her amount
at-risk for investment in XYZ Ltd on 1/1/2020?
-$10,000
$0
$25,000
$5,000
$35,000
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