Tony is a carpenter who owns his own furniure-manufacturing

Assignment Help Accounting Basics

Reference no: EM13610620

Tony is a carpenter who owns his own furniure-manufacturing business. During the current year, vandals broke into the workshop, damaged several pieces of equiptment, stole his delivery truck, and also stole his personal automobile, which he often kept in the workshop garage. The asset descriptions and related values are as follows:

Asset FMV B-4 Casulaty FMV B-4 Casulaty Cost 2 replace/rep. Adj. Basis Insur. Proceeds

Equiptment A $12,300 $4,000 $8,700 $9,000 $3,700

Equiptment B 8,100 0 9,000 3,000 7,800

Equiptment C N/A N/A 13,800 15,300 11,400

Delivery Truck 18,000 0 32,000 17,500 16,000

Automobile 15,000 0 12,000 28,000 12,000

Although he could not obtain its fair market value after the casualties, Tony decided to repair rather than replace Equiptment C. Beofre considering any deductions due to these casualties, Tony's AGI is $80,000.

A. What deductions may Tony take relating to the vandalism?

Reference no: EM13610620

Questions Cloud

If water is available at 95 c and a 02kgs and if the : hot water from a thermal spring is proposed as the heat source for a power cycle. if water is available at 95 c and a

Assume that mucky duck uses cost-plus pricing setting the : mucky duck makes swimsuits and sells these suits directly to retailers. although mucky duck has a variety of suits it

What is the direction of the electric field at the point on : a -10.0nc point charge and a 20.0nc point charge are 15.0cm apart on the x-axis.what is the electric potential at the

In each case determine whether the study in question is a : in each case determine whether the study in question is a controlled experiment or an observational study justify your

Tony is a carpenter who owns his own furniure-manufacturing : tony is a carpenter who owns his own furniure-manufacturing business. during the current year vandals broke into the

Height of 3 in solidifies in 3 minutes in a sand casting : pure aluminum is poured into a sand mold. the metal level in the pouring basin is 10 in. above the metal level in the

Data for december concerning dinnocenzo corporations two : data for december concerning dinnocenzo corporations two major business segments fibers and feedstocks sales revenue

If a data set has correlation coefficient equal to 09 : if a data set has correlation coefficient equal to 0.9 which of the following is necessarily true about the data points

Determine the total stored energy at the following points : a 3.04 microf capacitor is charged by a 18.0 v battery. it is disconnected from the battery and then connected to an

User Account

All Pages