Multiple Choice
During the year,Megan's personal summer home was almost completely destroyed by a fire started in a work room.She had adjusted gross income of $110,000 in 2014 and related data with respect to the summer home follows: Cost basis: $121,000
Value before casualty: $155,000
Value after casualty: $ 15,000
Megan was partially insured for the loss and in 2014 she received a $100,000 insurance settlement.What is Megan's allowable casualty loss deduction for 2014?
A) $ 9,900.
B) $20,900.
C) $35,900.
D) $55,000.
Correct Answer:
Verified
Correct Answer:
Verified
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