For 2015, the AGI Threshold for the Deductibility of Personal

question 24

Multiple Choice

For 2015, the AGI threshold for the deductibility of personal casualty losses generally is:

• A) 2%.
• B) 5%.
• C) 7.5%.
• D)10%.

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Definitions:

Constructive Notice

Legal concept indicating that a person should have known a fact because it was publicly available or recorded, even if they had no actual knowledge of it.

Collateral

An asset offered to secure a loan or other credit and subject to seizure on default.

Investment Property

Real estate property that is purchased with the intention of earning a return on investment through rental income, the future resale of the property, or both.

Stocks

Shares of ownership in a corporation, representing a claim on part of the corporation's assets and earnings.