ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 10

$80,000
Value before the accident
$6,000
Value after the accident
$20,000
Insurance recovery
$0
What is John's deductible casualty loss?
17. (TCO 3) Hannah makes the following charitable donations in the
current year:
Basis
Fair Market
Value
Inventory held for resale in Hannah's business
(a sole proprietorship)
$8,000
$7,200
Stock in HBM, Inc., held as an investment
(acquired four years ago)
$16,000
$40,000
Baseball card collection held as an investment
(acquired six years ago)
$4,000
$20,000
The HBM stock and the inventory were given to Hannah's church,
and the baseball card collection was given to the United Way. Both
donees promptly sold the property for the stated fair market value.
Disregarding percentage limitations, Hannah's current charitable
contribution deduction is:
18. (TCO 3) Karen, a calendar year taxpayer, made the following
donations to qualified charitable organizations in the current year:
Basis
Fair Market Value