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.)

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.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Last year, Eleanor and Felix Knight bought a home with a dwelling replacement value of $260,000 and insured it (via an HO-5 policy) for $221,000. The policy reimburses for actual cash value and has a $500 deductible, standard limits for coverage C items, and no scheduled property. Recently, burglars broke into the house and stole a 3-year-old television set with a current replacement value of $500 and an estimated useful life of 9 years. They also took jewelry valued at $1,550 and silver flatware valued at $3,300. If the Knights' policy has an 80% co-insurance clause, do they have enough insurance? Assuming a 50% coverage C limit, calculate how much the Knights would receive if they filed a claim for the stolen items. Do not round intermediate calculations. Round the answer to the nearest cent. What advice would you give the Knights about their homeowner's coverage?
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets $ 1,040,000 Cash and stock 24,200,000 Intangible assets (film rights) 72,500,000 Real estate 15,200,000 $ 112,940,000 Liabilities: Mortgage $ 3,400,000 Other liabilities 4,300,000 $ 7,700,000 a. Tom made a taxable gift of $5.30 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.
Emily purchased a building to store inventory for her business. The purchase price was $760,000. Beyond this, Emily incurred the following necessary expenses to get the building ready for use: $10,000 to repair the roof as routine maintenance (did not improve or prolong the life of the asset), $6,000 to make the interior suitable for her finished goods, and $400 in legal fees. What is Emily’s cost basis in the new building? Meg O’Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used for personal purposes for many years. Her father originally purchased the equipment for $1,700. Because the equipment is out of production and no longer available, the property is currently worth $4,000. Meg has decided to begin a new jewelry manufacturing trade or business. What is her depreciable basis for depreciating the equipment?
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?
Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6,600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?
Elena purchased a living room set for $3,500. Elena’s home and the contents were destroyed by a fire. At the time of the loss, the living room set was worth $2,100 due to depreciation. Comparable replacement furniture will cost $4,000. If the living room set was insured on an actual cash value basis, how much will Elena collect for this loss? Assume a $250 deductible applies to the loss settlement.
Cardo, a GSIS employee, died in a car accident. His heirs collected the following proceed of life insurance policies: AXA Life, revocable, designated to his wife Alyana - 500,000 Sunlife, irrevocable, designated to his son - 700,000 AON life insurance, revocable, designated to his estate - 300,000 PhilAm Life, irrevocable, designated to his administrator - 400,000 Accident Insurance - 500,0000 GSIS benefits - 150,000 Determine the Gross Estate of Mr. Yap: What are the non-taxable proceed of life insurance?
Gussie Fring has 100/300/50 automobile insurance coverage, and was involved in a very serious accident. One person sustained $200,000 in medical claims, and two other people are awarded a total of $135,000 each for injuries in an auto accident in which Gussie was judged at fault. How much, if any, of this judgment would the insurance not cover?
Nell, Nina, and Nora Potter, who are sisters, sell their principal residence (owned as tenants in common) in which they have lived for the past 25 years. The youngest of the sisters is age 60. The selling price is $960,000, selling expenses and legal fees are $63,000, and the adjusted basis is $120,000 (the fair market value of the residence when inherited from their parents 25 years ago; they made no capital improvements during the time they held the residence). The sisters plan to move into rental housing and not acquire another residence. Nell has contacted you on behalf of the Potters regarding the tax consequences of the sale.a. Write a letter to Nell advising her of the tax consequences and how taxes can be minimized. Nell’s address is 100 Oak Avenue, Billings, MT 59101.b. Prepare a memo discussing your approach to the situation for the tax files.
Kate Beckett and her two children, Austin and Alexandra, moved into the home of her new husband, Richard Castle, in New York City. Kate is a novelist, and her hus-band is a police detective. The family income consists of the following: $60,000 from Kate’s book royalties; $90,000 from Richard’s salary; $10,000 in life insurance proceeds from a deceased aunt; $140 in interest from savings; $4,380 in alimony from Kate’s ex-husband; $14,200 in child support from her ex-husband; $500 cash as a Christmas gift from Richard’s parents; and a $1,600 tuition-and-books scholarship Kate received to go to college part time last year. (a) What is the total of their reportable gross income?(b) After Richard put $5,600 into qualified retirement plan accounts last year, what is their adjusted gross income?(c) How many exemptions can the family claim, and how much is the total value allowed the household?(d) How much is the allowable standard deduction for the household?(e) Their itemized deductions are…
Saheel has $25,000 property damage insurance and $5,000 comprehensive and collision insurance with a $250 deductible. One evening he slides on a patch of ice and hits a parked car, causing $4,500 worth of damage. The accident causes $1,750 of damage to his own car. How much will the insurance pay to fix both cars?
Carolina's house burned and she lost household items worth a total of $50,000. House insured for $160,000, homeowner's policy coverage personal belongings up to 55% of insured value of the house.Calculate how much insursance coverage policy provides personal belongings and will she recieve payment for belongings?

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