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Simon Samson runs a catering business, Simple Simons, out of his home. He uses the same kitchen for his business and for personal purposes. The business use of the kitchen is 60% and the personal use is 40%. On July 4, Simple Simons had an explosion in the kitchen when someone threw flour on a flaming dessert. The damage to the assets in the kitchen cost $50,000 to repair. Simon originally paid $95,000 for the assets that were damaged. At the time of the explosion, total depreciation properly taken on the assets is $8,000. Their fair market value before the explosion was $110,000. The insurance company reimbursed Simon $30,000. His AGI before any casualties is $70,000.
What is the amount of Simon’s casualty loss deduction and how is it deducted?
explain cash receipt versus revenuescash receipts versus revenues during the month of april. simpson co. had cash
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