In 2016,Morley,a Single Taxpayer,had an AGI of $30,000 Before Considering

question 38

Multiple Choice

In 2016,Morley,a single taxpayer,had an AGI of $30,000 before considering the following items:
Loss from damage to rental property
($6,000)
Loss from theft of bonds
(3,000)
Personal casualty gain
4,000
Personal casualty loss (after $100 floor)
(9,000)
​
Determine the amount of Morley's itemized deduction from the losses.

• A)$0
• B)$2,900
• C)$5,120
• D)$5,600
• E)None of the above

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Definitions:

Tears

A saline fluid produced by the lacrimal glands, serving both emotional and lubricative functions for the eyes.

Secondary Emotion

Emotions that develop with more cognitive processing and social learning, such as guilt or shame, as opposed to primary emotions like happiness or fear.

Remorseful

Feeling deep regret or guilt for a wrongdoing, similar to being penitent or contrite.

Remorse

A deep feeling of regret or guilt for a wrong committed, often accompanied by a desire to amend or repair the harm caused.