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Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid $31,500 for the boat, but he was

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid $31,500 for the boat, but he was able to repair the damage for $8,650. Tim paid $17,400 for the motorcycle, but it was worth $18,650 before it was stolen. Insurance reimbursed $1,250 for the boat repairs and the cycle was uninsured. 7.

a. Calculate Tim's deductible casualty loss if his AGI is $40,500.

Deductible casualty loss:

b. Calculate Tim's deductible casualty loss if his AGI is $139,500.

Deductible casualty loss:

Aug 15 2021 View more View Less

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