Reference no: EM133246950
Gina is a single filer for tax purposes. In 2021, she had the following items:
· Salary of $35,000.
· Loss of $40,000 on the sale of qualifying § 1244 stock acquired two years ago.
· Interest income of $1,000.
Gina's AGI for 2021 is:
_______
If Ricky purchased a $50,000 account receivable for $40,000 last year and during the current year he collected $46,000 on the account, what are the tax consequences to Ricky associated with the collection of the account receivable? No subsequent collections are expected.
_______
In 2021, William's personal residence was completely destroyed by fire and he received an insurance settlement. He had adjusted gross income before considering the casualty item of $40,000. Data with respect to the residence follows:
Cost basis
$250,000
Value before casualty
260,000
Value after casualty
-0-
Insurance settlement
250,000
What is William's allowable casualty loss deduction?
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