CPAnet Forum: Individual taxation: Casualty loss

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Topic: Individual taxation: Casualty loss (

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nambivar
Regular
Regular

Joined: 14 Nov 2010
Location: United States
Online Status: Offline
Posts: 144

Posted: 21 Aug 2011 at 20:20 \| IP Logged

In Wiley 2011 REG Module 36, MCQ 142, the answer has taken
into account $500 deductible AND ALSO 10% AGI and arrived
at their answer c as correct. In page 415 however, they
have not mentioned about this 10% AGI probably because it
is for itemized deduction, said to have been phased out for
2010 and 2011.
If in the real exam, one answer choices happens to be with
10% AGI and another without the 10% AGI (and two more
choices), what do we choose?
Any insight? Thanks.

luca
Newbie
Newbie

Joined: 13 Oct 2010
Online Status: Offline
Posts: 22

Posted: 22 Aug 2011 at 09:47 \| IP Logged

For casualty losses, the deduction is limited to the amount
which it exceeds 10% of the taxpayers AGI, subtracted by
$100.

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