Q1marges auto which is used for business works only is

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Reference no: EM13351601

Q1:

Marge's auto, which is used for business works only, is completely destroyed by a fire. The fair market value of the auto was $8,000 at the time of the fire and the adjusted basis was $10,000. Evaluate the loss, and evaluate whether it is a deduction for or a deduction from AGI.

Q2:

George contributed $3,000 (shelter, food, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Will George claim Andy as a dependent? Fully describe and provide assumptions.

Reference no: EM13351601

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