Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 5.00

Jacob's personal residence

During 2012, someone broke into Jacob's personal residence and took the following items:

 

Asset Adjusted
Basis		 FMV Before FMV After Insurance
Recovery
Business computer $12,000   $10,000     $0 $7,000    
Bearer bonds 30,000   25,000     0 0    
Silverware 7,000   20,000     0 18,000
Cash 8000   8000     0 0    

 

Jacob is an employee and used the computer 100% of the time in his employment. Although his homeowner's insurance policy paid Jacob $7,000 for the stolen computer, Jacob's employer did not reimburse Jacob for any of the remainder of his loss. Jacob's AGI for the year, before considering any of the above items, is $50,000.

Determine the total deduction for the stolen items on Jacob's 2012 tax return.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 03:08 PM My Price 5.00

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