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1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss...

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Accounting

1- In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $190,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances?

a. Wilson is an individual proprietor and has AGI of $475,000. The casualty loss was a personal loss, and the insurance recovered was $104,500 before any limitations.

Wilson can claim a casualty loss as an itemized deduction of $.

b. Assume Wilson is a corporation, and the insurance recovered was $104,500 before any limitations.

Wilson can deduct $

2- Goose Corporation, a C corporation, incurs a net capital loss of $43,100 for 2019. It also has ordinary income of $34,480 in 2019. Goose had net capital gains of $8,620 in 2015 and $17,240 in 2018.

a. Determine the amount, if any, of the net capital loss of $43,100 that is deductible in 2019.

b. Determine the amount, if any, of the net capital loss of $43,100 that is carried forward to 2020.

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