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In 2020, Jeremiah earned $42,000 of AGI before considering the following insured casualty losses from...

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Accounting

In 2020, Jeremiah earned $42,000 of AGI before considering the following insured casualty losses from seprate events. The Asset A was damaged in a federal disaster area.

Fair Market Value

Asset Adjusted Basis Before After Insurance recovery

________________________________________________________________________________________________________________________

A (personal) 9,200 8,000 1,000 2,000

_________________________________________________________________________________________________________________________

B (business) 3,000 4,000 0 4,000

_________________________________________________________________________________________________________________________

C (personal) 3,700 1,700 0 900

________________________________________________________________________________________________________________________

Calculate Jeremiah's casualty results from these incidents. Please show your work.

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