. Should the defense be sustained? Why?

Mary owns a home with a with a replacement value of $331,195. She purchased home insurance in the amount of $200,000, and therefore does not meet the 80% rule. If Mary's deductible is $3,000 and a BBQ fire caused $75,000 worth of damage, how much will Mary have to pay herself?

In 2020, Susan (who files as single) had silverware worth $10,000 (basis $6,000) stolen from her home due to a federal declared disaster area. Her insurance company told her that her policy did not cover the theft. In 2020, Susan’s other itemized deductions were $2,000, and she had AGI of $40,000. In February  2021, Susan’s insurance company decided that Sarah’s policy did cover the theft of the silverware and they paid Susan $4,000. Determine the tax treatment of the $4,000 received by Susan during 2021.   a. None of the $4,000 should be included in gross income.   b. $2,000 should be included in gross income.   c. $4,000 should be included in gross income.   d. Last year’s return should be amended to include the $4,000.

Sonali and Nilesh are married. On December 30th of last year, Sonali contributed $25,000 to a spousal RRSP under which Nilesh is the annuitant. At that time, she also contributed $10,000 to her own individual RRSP. No further contributions were made to the spousal RRSP. Assume on June 15th of next year, the couple has a financial emergency that requires Nilesh to withdraw $15,000 from his spousal RRSP and Sonali to withdraw $10,000 from her individual RRSP. Based on these transactions, what statement is correct? Question 27 options: a) Sonali must report $10,000 on her tax return for next year. b) Nilesh must report $15,000 on his tax return for next year. c) Sonali must report $25,000 on her tax return for next year. d) Nilesh was able to claim a $25,000 RRSP deduction for the previous tax year.

Juan died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. How much may Neils' estate claim as deduction for claims against insolvent persons? P100,000 P120,000 P180,000 P200,000

Noelle's diamond ring was stolen in 2017. She originally paid $15,400 for the ring, but it was worth considerably more at the time of the theft. Noelle filed an insurance claim for the stolen ring, but the claim was denied. Because the insurance claim was denied, Noelle took a casualty loss deduction for the stolen ring on her 2017 tax return. In 2017, Noelle had AGI of $77,000. After Noelle threatened legal action in early 2019, the insurance company had a "change of heart" and sent Noelle a check for $9,240 for the stolen ring. The per-event floor is $100. What is the proper tax treatment of the $9,240 Noelle received from the insurance company in 2019? Noelle should _______the amount of______.

Suhana is the trustee of gina's bankrupt estate. Gina owns a boutique business which operates from rented premises in a local shopping centre. The business itself is successful. The petitioner's debt is not business related. Gina is a qualified engineer and if she were to give up the shop she could earn $ 130,000 p.a as an employee . Gina is single and has no dependents. Gina owns an apartment which is worth $ 5,00,000 secured to town bank. The outstanding mortgage is $ 3,30,000. The petitioner's debt is $ 80,000. Additional unsecured debts for the business are approximately $ 30,000. Gina has a personal credit card debt of $ 10,000. Gina leases a car. She owns furniture, clothes, jewelry,  a musical instrument and other personal assets. Gina also has $ 2,00,000 in a supwr annuation fund. Unfair preferences were paid to six creditors prior to the presentation of the creditors petition which totalled $ 43,00. Required: assume you are suhana in a roughly chronological order . What…

Joshua, age 16, bought a used car from a neighbor for $5,000 cash, its fair market value. Three months later, Joshua crashed the car while high on marijuana. He had no insurance and the car is badly damaged. If Joshua disaffirms the contract and returns the wrecked car, now worth $ 1,000, to the seller, in the majority of states Group of answer choices he will receive a full refund of $5,000. he will not receive anything. he will receive $2,500 (half of his money) back. he will receive $1,000.

Riley Company promises to pay Janet Anderson or her estate $150,000 per year for the next 10 years, even if she leaves the company or passes away to try to induce her to stay with the company. Riley Company wants to properly record this transaction as deferred compensation. Riley Company purchased a whole life insurance policy for Janet, naming the company as the beneficiary. Reed Company wants to determine if it can offset the cash surrender value of the life insurance policy against the deferred compensation liability.

Landlord leased her suburban ice cream parlor for three years at a rent of $2000 a month toBaskin. Six months later, Baskin transferred his interest in the lease to Herrell. One year later,Herrell transferred his interest in the lease to Ana. Now, none of the parties is paying the rent.Landlord wants to sue Herrell for the rent, "because he is the only one who can probably paythe rent that is due." In order to sue Herrell for the remaining rent, Landlady will have to prove:a-That the transfers from Baskin to Herrell, and from Herrell to Ana, both conveyed the fullremaining interest in the leasehold.  b-That the transfer from Baskin to Herrell conveyed the full remaining interest in the lease leasehold, but the transfer from Herrell to Ana conveyed less than the full remaining interest in thec-That the transfer from Baskin to Herrell conveyed less than the full remaining interest in the leasehold, but the transfer from Herrell to Ana conveyed the full remaining interest in the lease. d-…