Determine the Net Deductible Casualty Loss on the Schedule a for Alan

question 11

Essay

Determine the net deductible casualty loss on the Schedule A for Alan Michael when his adjusted gross income was $40,000 in 2015 and the following occurred: A and B were destroyed in the same casualty in March.C was destroyed in a separate casualty in July.
All casualty losses were nonbusiness personal use property losses and none occurred in a federally declared disaster area.
What is the amount of the net deductible casualty loss?

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Definitions:

Formalities

Specific procedures or requirements mandated by law or custom that must be observed to validate a legal document, agreement, or transaction.

Fraud

The wrongful or criminal deception intended to result in financial or personal gain.

Per Stirpes

A method of distributing an intestate’s estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would have been entitled.

Distribute

To allocate or spread out resources or goods across different recipients or areas.