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A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire. The furniture's adjusted basis was $5,000 and its FMV was $2,000 before the fire. Monica's AGI for the year is $60,000. Monica does not have insurance on the destroyed assets. How much is Monica's deductible casualty loss?
A. $5,900B. $12,000C. $13,900D. $20,000
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
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