Carmen Viers lost everything to a fire and has spent the last eight weeks living in a motel room at a cost of $4,746. Her dwelling, which was destroyed as a result of a lightning strike, was insured with an HO-2 policy for $210,869. Prior to the loss, her home was valued at $217,000, her detached garage and poolhouse were valued at $32,043, and her personal property had an actual cash value of $92,519. To make matters worse she sustained $10,000 in injuries while trying, unsuccessfully, to save her three Greyhound dogs valued at $6,000 each. How much of her total losses and expenses will be reimbursed if she has a $1,000 deductible? The amount of total losses and expenses she will be reimbursed if she has a $1,000 deductible is $. (Round to the nearest dollar.)

During her lifetime, Elaine made several property transfers, including the following: a) The $11,0000 in cash for each of her nieces and nephews that she placed in a revocable trust last year for their benefit b) The $10,000 she paid four years ago to Dr. Meyers to pay off her father's medical bill c) The $28,000 remainder interest given to her daughter, Elsie, two years ago in a irrevocable Grantor Retained Income Trust that Elaine established and funded d) The $10,000 she paid to State University for Elsie's books, and room and board six years ago e) The $29,000 in cash she gave six years ago to her husband Rolf Assume that each of these transfers constitutes Elaine's only transfer to each transferee during the year in which the transfer was made. As her Financial adviser, which of the following transfers would you tell her are fully or partially includible in her total gifts for the purpose of calculating her federal gift tax liability? Explain your response.

Andre has an unendorsed HO-3 policy. His roof is torn off by a tornado. His limit on Coverage A is $100,000. RC of the roof is $25,000, and ACV of the roof is $22,000. RC of the covered contents damaged is $65,000, and ACV of the contents is $55,000. Ignoring the effect of any deductible, how much will his insurer pay for this loss? Please show your work.

Stan and Stella are married and own a home insured for $250, 000 (Coverage A limit) under an unendorsed HO-3 policy. The policy period is January 1st Dec. 31st. The non- windstorm deductible is $1,000. The windstorm deductible is 2%. Answer the following question based on the above policy information: Stan and Stella's house is completely destroyed by a hurricane winds on September 1st during Hurricane Chucky. The replacement cost of the home at the time of loss is $250, 000. How much will their insurance company pay them for their damages?

Marvin broke his hip in a slip and fall accident at Costco.  He received an accident settlement from Costco’s insurance company for $25,000.  He was unable to work during the two-month recovery period but was able to use the $5,000 in sick pay he had accumulated from his employer.  Marvin also received $10,000 from an accident policy he had purchased for himself.  How much of this income is taxable to Marvin.

Raymond has $12,000 worth of property damage insurance and a $1,200 deductible collision insurance policy. He had a tire blowout while driving and crashed into a $1,500 brick wall. The crash caused $3,800 in damages to his car. a. How much will the insurance company pay for the brick wall? b. How much will the insurance company pay for the damage to the car? $ 27

Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2021, which was declared a Federally Designated Disaster Area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable: Damaged Items Antique poster bed Pool table Large flat-screen TV FMV Just Prior Original Item Cost (Basis) $ 6,100 14,025 4,425 Casualty loss deduction to Damage $ 8,200 8,375 1,250 Required: Their homeowner's insurance policy had a $11,485 deductible for the personal property, which was deducted from their insurance reimbursement of $15,725, resulting in a net payment of $4,240. Their AGI for 2021 was $45,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2021?