Describe the tax consequences on tax return, Taxation

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Describe the tax consequences on tax return

Nonbusiness Casualty or Theft Gains and Losses

Response to the following problem:

Blake's home was burglarized. Artwork purchased six years ago and a brand new Plasma TV were stolen. Blake had no other nonbusiness casualties or thefts during the year. Based on the information provided below about the theft, describe the tax consequences on Blake's tax return.

	FMV Before	Adjusted Basis	Insurance Proceeds
Artwork	$10,000	$5,500	$9,500
Plasma TV	1,200	2,000	1,000

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Taxation: Describe the tax consequences on tax return

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Taxation: Describe the tax consequences on tax return

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