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During the Year, Megan's Personal Summer Home Was Almost Completely

Question 52

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 2015 and related data with respect to the summer home follows: 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 2015 and related data with respect to the summer home follows: Megan was partially insured for the loss and in 2015 she received a $100,000 insurance settlement. What is Megan's allowable casualty loss deduction for 2015? A) $9,900. B) $20,900. C) $35,900. D) $55,000. Megan was partially insured for the loss and in 2015 she received a $100,000 insurance settlement. What is Megan's allowable casualty loss deduction for 2015?


A) $9,900.
B) $20,900.
C) $35,900.
D) $55,000.

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