While Susan Was on Vacation During the Current Year, Someone

question 84

Essay

While Susan was on vacation during the current year, someone broke into her home and stole the following items:
? A computer used 60% in connection with Susan's employment as an employee and 40% for her personal use. The cost of the computer was $8,000. Depreciation of $3,000 had been taken on the computer and it had a fair market value of $4,000 at the time of the theft.
? A painting, which Susan purchased as an investment for $10,000, had a fair market value of $17,000.
? Silverware purchased for $3,000 had a fair market value of $5,000.
? Cash of $30,000.
Susan's adjusted gross income, before considering any of the above items, is $60,000. Determine the total amount of Susan's itemized deductions resulting from the theft.

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Definitions:

Palatine Processes

These are horizontal extensions of the maxillary bones that form the anterior three-quarters of the hard palate.

Maxilla

The paired upper jawbones that form the foundations of the middle face, supporting the upper teeth and playing key roles in breathing, eating, and speaking.

Cleft Lip

A congenital facial defect that occurs when the upper lip does not form completely, leading to a gap or split.

Mandible

The lower jaw or jawbone, the largest and strongest bone of the face, which holds the lower teeth in place and moves during chewing.