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In the Current Year, Juan's Home Was Burglarized

question 46

Multiple Choice

In the current year, Juan's home was burglarized. Juan had the following items stolen:
? Securities worth $25,000. Juan purchased the securities four years ago for $20,000.
? New tools which Juan had purchased two weeks earlier for $8,000. Juan uses the tools in making repairs at an apartment house that he owns and manages.
? An antique worth $15,000. Juan inherited the antique (a family keepsake) when the property was worth $11,000.
Juan's homeowner's policy had a $50,000 deductible clause for thefts. If Juan's salary for the year is $50,000, determine the amount of his itemized deductions as a result of the theft.


Definitions:

Compound

A compound created when two or more elements combine chemically in specific ratios.

Benzoic Acid

A simple aromatic carboxylic acid with the formula C6H5COOH, used widely as a food preservative.

Methylamine

A simple organic compound consisting of a methyl group linked to an amine group, commonly used in organic synthesis.

Compound

A substance formed by the chemical combination of two or more elements in definite proportions and structure.

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