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This test has a time imit of 7 hours This test will save and submit automatically when the time Wangs appear when half the time, 5 minutes, 1 minute·and 30 seconds reman Timed Test This tme expires Muitiple Attempts Not allowed. This test can only be taken once Force Completion This test can be sarved and resumed at any point unbl time has expirod. The timer will continue to run if you leave the test Remaining Time: 6 hours, 41 minutes, 23 seconds. Question Completion Status: Close Window Moeng to another question will save ths response K Question 32 of 73 Question 32 1.4 points Save Answer Aima 15 in the business ef dsary farming. During the year, one of her barns vas ecmpletely destzoved by fire. The adjuated bazis of the barn waa s90,000. The tair market value of the bazn betore the fire vas $75,000. Ize barn vas insuzed tor 95 or its tasr market value, and Alms recere red thi, smo ant ander the insurance policy, Alma ha, adjusted gros, income tor the year of Ho,000 betoze considering the casualty) Deternine the amount of 1oss she can deduet on hez tax return tor the cuzrent vear o a so o d 8:4.750 Moving to another question will save this response Ouestion 32 of 73 > Close Window DOLL

Explanation / Answer

Amount of Loss => adjusted basis for business property that is completely destroyed - Insurance proceeds received

=> 90000 - (75000 * 95%)

Amount of loSs => $18750

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