07 Mar Jerry sprayed all of the landscaping around his ho
Jerry sprayed all of the landscaping around his house with a pesticide in June 2015. Shortly thereafter, all of the trees and shrubs unaccountably died. The FMV and the adjusted basis of the plants were $15,000. Later that year, the pesticide manufacturer announced a recall of the particular batch of pesticide that Jerry used. It also announced a program whereby consumers would be repaid for any damage caused by the improper mixture. Jerry is single and reports $38,000 AGI in 2015 and $42,000 in 2016.a. Assume that in 2015 Jerry files a claim for his losses and receives notification that payment of $15,000 will be received in 2016. Jerry receives full payment for the damage in 2016. How should the loss and the reimbursement be reported?b. How will your answer to Part a change if in 2016 the manufacturer files for bankruptcy and Jerry receives $1,500 in total and final payment for his claim?c. How will your answer to Part a change if the announcement and the reimbursement do not occur until late in 2016, after Jerry has already filed his tax return for 2015?
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