10 May WHAT IS THE NET AMOUNT OF CASUALTY LOSS HE CAN CLAIM IF HIS ADJUSTED GROSS INCOME IS $35 000?
Moving expenses tax deductions adjusted gross incomeMarc Clay was unemployed for all of year 1. In January of year 2 Clay obtained full-time employment 60 miles away from the city where he had resided during the 10 years preceding year 2. Clay kept his new job for all of year 2. In January of year 2 Clay paid directly moving expenses of $3 000 in relocating to his new city of residence but he received no reimbursement for these expenses. In his year 2 income tax return Clay’s direct moving expenses areA. Not deductibleB. Fully deductible only if Clay itemizes deductionsC. Fully deductible from gross income in arriving at adjusted gross incomeD. Deductible subject to a 2% threshold if Clay itemizes his deductionsGeorge Burke a salaried taxpayer paid the following taxes which were not incurred in connection with a trade or business during the current year:Federal income tax (withheld by employer): $1 500State income tax (withheld by employer): $1 000FICA tax (withheld by employer): $700State sales tax: $900Federal auto gasoline taxes: $200What taxes are allowable deductions from Burke’s adjusted gross income for the year?A. $2 800B. $2 500C. $1 900D. $1 000Allen purchased a personal residence for $86 000. It had a fair market value of $100 000 when it was damaged by a fire. The fair market value after the fire was $60 000 and insurance proceeds totaled $25 000. What is the net amount of casualty loss he can claim if his adjusted gross income is $35 000?A. $8 500B. $11 400C. $15 000D. $23 000 E. $25 000
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