A Fire Totally Destroyed Office Equipment and Furniture Which Monica

question 6

Multiple Choice

A fire totally destroyed office equipment and furniture which Monica uses in her business.The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.The furniture's adjusted basis was $5,000 and its FMV was $2,000 before the fire.Monica's AGI for the year is $60,000.Monica does not have insurance on the destroyed assets.How much is Monica's deductible casualty loss?

• A)$5,900
• B)$12,000
• C)$13,900
• D)$20,000

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Definitions:

Appreciation Messages

Communications that express gratitude or recognition towards someone for their efforts or achievements.

Important

Having great significance or value; likely to have a profound effect on success, survival, or well-being.

Significant Event

An occurrence of considerable importance, impact, or consequence in a person's life or in a particular field or domain.

Message of Appreciation

A written or oral expression of thanks, often given to acknowledge the help, support, or kindness of someone.