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Mary Contrary runs a nursery, Mary Contrary’s Garden, out of her home. She uses the greenhouse, which is attached to her home, to grow the plants that she sells and to grow her personal garden plants. The business use of the nursery is 80%. On August 12, an overly conscientious employee left the nursery roof open overnight because the plants looked thirsty and it was supposed to rain. The nursery was flooded and the damage to the nursery cost $35,000 to repair. Mary originally paid $70,000 for the nursery addition to the house and the FMV of the greenhouse before the flood was $110,000. She has properly taken $10,000 of depreciation on the greenhouse. The insurance company reimbursed Mary $25,000. Mary’s adjusted gross income before any casualties is $65,000.
What is the amount of Mary’s casualty loss deduction and how is it deducted?
A family refers to a group or more people related by birth, marriage, or adoption who reside together. In 2000, in country A, the average family net worth was 460,000, and there were about 6.9x10^7 families. Calculate the total net worth in the count..
Prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.
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Prepare a report that will be of more value in analyzing and appraising the performance of the manager of Department D for October. Comment on the operating results.
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