Franca Has AGI of $130,000 This Year

question 47

Multiple Choice

Franca has AGI of $130,000 this year.After applying the $100 floor,she has $26,000 of federally declared disaster losses on personal assets,$12,000 of non-federally declared casualty losses on personal assets,and $23,000 of personal casualty gains for the year.What is Franca's deductible casualty loss?

• A)$15,000
• B)$0
• C)$13,000
• D)$2,000

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Definitions:

Xanax

A prescription medication primarily used to treat anxiety and panic disorders, belonging to the benzodiazepine class of drugs.

Irrational Belief

An unfounded or unreasonable belief that is maintained despite evidence to the contrary, often leading to emotional distress or behavior problems.

Nervous Apprehension

A feeling of fear or anxiety about something that might happen or a situation.

Dopamine

A neurotransmitter involved in controlling movement and the reward and pleasure centers of the brain.