In the current year, Brit had a federally declared disaster fire hit her house that damaged a couch and completely destroyed a bed and an antique table. She had no fire insurance. The couch cost $300, the bed $450, and the table $65. Just before the fire, the couch had a fair market value of $70, the bed had a value of $275, and the table had a value of $200. After the fire, the couch was worth $20. Brit's casualty loss before any dollar limitations is А. $815 В. $545 Ос. $390 O D. $525

In the current year, Brit had a federally declared disaster fire hit her house that damaged a couch and completely destroyed a bed and an antique table. She had no fire insurance. The couch cost $300, the bed $450, and the table $65. Just before the fire, the couch had a fair market value of $70, the bed had a value of $275, and the table had a value of $200. After the fire, the couch was worth $20. Brit's casualty loss before any dollar limitations is А. $815 В. $545 Ос. $390 O D. $525

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 48P

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