Determine his deductible loss on car

Assignment Help Financial Accounting

Reference no: EM13139390

Jim had a car accident in 2010 in which his car was completely destroyed. At the time of the accident, the car had a fair market value of $30,000 and an adjusted basis of $40,000. Jim used the car 100% of the time for personal use. Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim’s AGI for the year is $50,000, determine his deductible loss on the car.

Reference no: EM13139390

Questions Cloud

What is credit balance in the allowance account : the allowance for doubtful accounts was a debit of $100,000. If 2% of the accounts receivable are expected to be uncollectible, what is credit balance in the allowance account after the year-end adjustment

Calculate the molar mass of the biomolecule : A 1.70-g sample of a large biomolecule was dissolved in 14.0 g of carbon tetrachloride. The boiling point of this solution was determined to be 77.85°C.

Find probability students will spend combined total value : These 64 students will spend a combined total of more tahn $715.21? What is the probability that these 64 students will spend a combined total between $703.59 and $728.45?

Basics of statement of cash flows : Focus on cash and cash equivalents. Why did cash change during 2007? The statement of cash flows holds the answer to this question. Analyze the seven largest individual items on the statement of cash flows (not the summary subtotals such as "net c..

Determine his deductible loss on car : Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim’s AGI for the year is $50,000, determine his deductible loss on car.

Islamic way of life : Write a concise 500-700-word essay describing the major concepts, beliefs, practices, developments, and worldviews of Islam and how they are manifested in everyday life.

What is the maximum mass of co2 : what is the maximum mass of CO2 that can be produced from the combustion of .377g C2H5OH

How much is total amount of budgeted direct labor for march : Secret Prizes has 300 kilos of plastic in beginning inventory and wants to have 200 kilos in ending inventory. How much is total amount of budgeted direct labor for March?

Compute maximum total allowable weight will not be exceeded : Find the maximum total allowable weight if we want a 0.975 probability that this maximum will not be exceeded when 17 males are randomly selected.

User Account

All Pages