Leonard Owns a Hotel Which Was Damaged by a Hurricane

question 31

Multiple Choice

Leonard owns a hotel which was damaged by a hurricane.The hotel had an adjusted basis of $1,000,000 before the hurricane.A recent appraisal determined that the hotel's FMV was $1,500,000 before the hurricane and $700,000 afterwards.Leonard received insurance proceeds of $500,000.His AGI is $60,000.What is the amount of his deductible casualty loss?

• A)$293,900
• B)$300,000
• C)$793,900
• D)$800,000

Understand the consensus and disagreements among economists on key economic propositions.

Analyze how differences in values and scientific judgments can lead to conflicting advice from economists.

Comprehend the basic components and movements within coordinate system graphs.

Recognize common errors in reasoning about causation and correlation in economic contexts.

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Definitions:

Mouth

The opening in an animal's body that is the beginning of the digestive tract, through which food is ingested.

Brush Border

A microvillar structure that lines the intestine's absorptive cells, enhancing the surface area for digestion and absorption of nutrients.

Microvilli

Microscopic cellular membrane protrusions that increase the surface area for absorption, especially in the epithelial cells of the small intestine.

Surface Area

The total area that the surface of an object occupies, which is significant in processes such as absorption and evaporation.