ACC 4010 help A Guide to career/uophelp.com ACC 4010 help A Guide to career/uophelp.com | Page 4

ACC 4010 Week 3 Assignment 2 Qualified Tuition Program
--------------------------------------------------------------------------------------------------------------------------------------
ACC 4010 Week 4 Assignment 2
For more course tutorials visit
www.uophelp.com
Tax Deductions for and from AGI
Hank was transferred from Phoenix to North Dakota on March 1 of the
current year. He immediately put his home in Phoenix up for rent. The
home was rented May 1 to November 30 and was vacant during the
month of December. It was rented again on January 1 for six months.
What expenses, if any, can Hank deduct on his return? Which
deductions are for AGI, and which ones are from AGI?
Tax Deductions on Stolen Items:
During 2012, someone broke into Jacob's personal residence and took
the following items:
Fair Fair
Market Market
Adjusted
Insurance
Asset
Value Value
Basis
Recovery
(FMV) (FMV)
before after
Business
$12,000 $10,000 $ –0– $ 7,000
computer
Bearer bonds 30,000 25,000 –0–
–0–
Silverware 7,000 20,000 –0– 18,000