Questions from General Taxation

Q: In June of 2016, Maureen’s house is vandalized during a long

In June of 2016, Maureen’s house is vandalized during a long-term power failure after a hurricane hit the city. The president of the United States declares Maureen’s city a disaster area as a result o...

Q: On January 3, 2016, Carey discovers his diamond bracelet has

On January 3, 2016, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $7,000. Assuming Carey had no insurance coverage on the bracelet an...

Q: Wilbur DuVal has an apartment full of antique furniture. A fire

Wilbur DuVal has an apartment full of antique furniture. A fire in the apartment destroys a large part of his furnishings. The destroyed furnishings had a fair market value of $40,000, and Wilbur’s or...

Q: Go to the IRS website (www.irs.gov)

Go to the IRS website (www.irs.gov) and print out a copy of the most recent Instructions for Form 4684, Casualties and Thefts.

Q: Kerry’s car is totaled in an auto accident. The car originally

Kerry’s car is totaled in an auto accident. The car originally cost $18,000, but is worth $7,500 at the time of the accident. Kerry’s insurance company gives her a check for $7,500. Kerry has $30,000...

Q: Dan has a 20-year-old vintage car behind his

Dan has a 20-year-old vintage car behind his residence. He has rarely used it. This year he discovers that it has been completely destroyed by rust. The car originally cost $5,000 and had a fair marke...

Q: Jim is fired from his job as a waiter and decides to

Jim is fired from his job as a waiter and decides to take an extended trip to Europe. After touring Europe for 3 months, Jim returns to look for a new job as a waiter. Are his job-hunting expenses ded...

Q: During the 2016 tax year, Irma incurred the following expenses:

During the 2016 tax year, Irma incurred the following expenses: Union dues………………...

Q: George is employed as a sales manager for a computer manufacturer.

George is employed as a sales manager for a computer manufacturer. His employer does not have an accountable expense reimbursement plan. George is reimbursed by his employer for $3,000 of travel expen...

Q: Josh is a judge employed by the county. He must purchase

Josh is a judge employed by the county. He must purchase and maintain his judicial robes. The total cost of purchasing a new robe and dry cleaning for the current year is $750, which is not reimbursed...