Abbi owns Mountain View Tours, a sight seeing business in Colorado. She operates Mountain ...

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Accounting

Abbi owns Mountain View Tours, a sight seeing business in Colorado. She operates Mountain
View as a sole proprietorship and it is a full trade/business. Abbi is unmarried and has no
children or dependents. She also pays $2,000 for health insurance and has $4,000 in other
medical expenses. She has the following items from her business below (ignore any possible
QBI Deduction):
Revenue: $100,000
Utilities: $1,000
Advertising: $2,000
Secretary Salary: $30,000
Payroll Taxes: $2,000
Self-Employment Tax: $12,000
Business Meals Expense: $2,000
Supplies: $4,000
Depreciation: $3,000
During the year, a tornado partially destroys Mountain View's Headquarters. The fair market
value of the building immediately before the disaster was $300,000. The fair market value of
the building afterwards was $285,000. Abbi purchased the building 5 years ago for $200,000
2022 Standard Deduction: $12,950
What is Abbi's deductible amount from her casualty loss?
Gross Income
Adjusted Gross Income
Taxable Income
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