What is kirk''s allowable casualty loss deduction, Accounting Basics

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What is kirk''s allowable casualty loss deduction

Kirk had adjusted gross income of $60,000. During the year, his personal use summer home was partially destroyed by a fire. Pertinent data with respect to the home follows:

Cost basis $225,000
Value before casualty $235,000
Value after casualty $165,000

Kirk was insured for 70% of his actual loss and he received the insurance settlement. What is Kirk's allowable casualty loss deduction?

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Accounting Basics: What is kirk''s allowable casualty loss deduction

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Accounting Basics: What is kirk''s allowable casualty loss deduction

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Accounting Basics: What is kirk''s allowable casualty loss deduction

Reference No:- TGS052534

Recent Questions Asked Accounting Basics

Q : What is the name given to a tax imposed

Q : Write basic steps in all types of decision making processes

Q : Calculate the llc taxable income

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Q : What is kirk''s allowable casualty loss deduction

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Q : What is the profit maximizing price and quantity of output

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