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disscussion- Discuss the tax treatment of the sale of ? 1244 stock at a gain.

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Question;9. Discuss the tax treatment of the sale of ? 1244 stock at a gain.10. LO.3, 4 Jim discovers that his residence has extensive termite damage. Discuss whether he may take a deduction for the damage to his residence.11. LO.3, 4 The value of Mary?s personal residence has declined significantly because of a recent forest fire in the area where she lives. Mary?s house suffered no actual damage during the fire, but because much of the surrounding area was destroyed, the value of all of the homes in the area declined substantially. Discuss whether Mary can take a casualty loss for the decline in value of her residence caused by the fire.12. LO.4 Discuss at what point in time a theft loss generally is recognized.13. LO.4 Mary?s diamond ring was stolen in 2012. She originally paid $8,000 for the ring, but it was worth considerably more at the time of the theft. Mary filed an insurance claim for the stolen ring, but the claim was denied. Because the insurance claim was denied, Mary took a casualty loss for the stolen ring on her 2012 tax return. In 2012,Mary had AGI of $40,000. In 2013, the insurance company had a ?change of heart? and sent Mary a check for $5,000 for the stolen ring. Discuss the proper tax treatment of the $5,000 Mary received from the insurance company in 2013.14. LO.4 Discuss the measurement rule for the theft of property used in a transaction entered into for profit.15. LO.4 Discuss the tax consequences of not making an insurance claim when insured business use property is subject to a loss.16. LO.4 Discuss the circumstances under which the cost of repairs to the damaged property can be used to measure the amount of a casualty loss.

 

Paper#41313 | Written in 18-Jul-2015

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