Business, 19.10.2021 07:00 edith47

Olaf lives in the state of Minnesota. In May 2021, 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 Federal disaster area. Olaf and his wife, Anna, always file a joint return. Their 2020 tax return shows AGI of $180,000 and taxable income of $145,000. In 2021, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $225,000. Assume the taxpayers are in the 22% tax bracket in 2020 and the 24% tax bracket in 2021. Determine the amount of Olaf and Anna's loss and the year in which they should take the loss.

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Olaf lives in the state of Minnesota. In May 2021, a tornado hit the area and damaged his home and a...

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