Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area was declared) and destroyed a farm building and some farm equipment and damaged a barn.   Item Adjusted Basis FMV before Damage FMV after Damage Insurance Proceeds Building $ 119,100 $ 163,500 $ 0 $ 74,700 Equipment 90,600 66,800 0 17,100 Barn 133,300 212,500 133,300 57,700 Due to the extensive damage throughout the area, the president of the United States declared all areas affected by the hurricane as a disaster area. Derrick, who files a joint return with his wife, had $46,800 of taxable income last year. Their taxable income for the current year is $155,400, excluding the loss from the hurricane.   Required: a-1. Calculate the amount of the loss deductible by Derrick and his wife. a-2. What amount of loss should be adjusted against current and last year?

Accounting You have recently been named the chief accountant for Stop Smog Now (SSN), a not-for-profit organization that provides pollution control devices for coal burning plants in developing countries. On February 15, Year 7, SSN received a restricted contribution of $750,000 for the purchase of land and building. On March 11, Year 7, SSN purchased a building and land for $500,000 and $250,000 respectively. The building will be depreciated over 20 years. Year end is March 31. Required: Assuming the Deferral method is used, provide all the journal entries required for February and March of Year 7 Please give me correct entries thnku

Munabhai

Question Help ▼ 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.)

Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public charity. The church sold the desk at an auction for $3,500, which is comparable to the standard price for the client's other woodwork. He calculated his costs as follows: Wood $1,000 Other materials $300 Rent for workshop $500 Time and services $1,700 This is his only charitable contribution. He itemizes deductions and has an adjusted gross income of $80,000. What is the maximum current year income tax deduction allowable for the client's charitable contribution?   A)$3,500   B)$1,800   C)$500   D)$1,300

Oxdale Kennels has insured its building with multiple companies for a total of $1,141,000, of which $855,750 is with Nationwide. Assuming that all coinsurance requirements have been met, how much would Nationwide be responsible for in the event of a $202,000 fire? O $50,500 O $141,400 O $151,500 O $202,000

-Betty is an unmarried attorney. During the year a hurricane completely destroys her home, which had a basis of $60,000. The value of her home before the tornado is $100,000 and the value afterwards is $35,000. Betty's home is located in a federally declared natural disaster area. Her AGI is $50,000. What is the amount that Betty can deduct after limitations? Group of answer choices $29,900. $54,900. $59,900. $65,000.

If a homeowner's insurance had a replacement cost policy that covered damage to the home and the home was completely destroyed, what amount would the insurance company cover based on the following:   - home depreciated value before the damage was $100,000 - home value to rebuild is $150,000 - home mortgage $120,000 - value of neighbour's home $130,000

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?