Olaf lives in the state of Minnesota. A tornado hit the area and damaged his home and automobile. Applicable information is as follows: Item Adjusted Basis FMV before FMV after Insurance Proceeds Home $350,000 $500,000 $100,000 $280,000 Auto 60,000 40,000 10,000 20,000 Because of the extensive damage caused by the tornado, the President designated the area a disaster area. Olaf and his wife, Anna, always file a joint return. Their 2017 tax return shows AGI of $180,000 and taxable income of $140,000. In 2018, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $215,000. Determine the amount of Olaf and Anna's loss and the year in which they should take the loss.

What is overdraft protection (odp)? a.) a cheap and easy way to always avoid overdrawing a bank account b.) a service to automatically transfer available funds from a linked account to cover purchases, prevent returned checks and declined items when you don’t have enough money in your checking account at the time of the transaction. c.) an insurance policy sold by banks to prevent others from withdrawing your money d.) a service provided by the government that insures individuals bank deposits up to $250,000

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Each month, business today publishes a news piece about an innovative product, service, or business. such soft news is generally written by a freelance business writer and is known as a