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A hurricane completely destroyed Julie's duplex during the current year. Julie lived in one-half of the duplex and rented out the other half. Julie paid $400,000 for the duplex and has taken $80,000 of cost recovery on the rental portion of the duplex. The duplex was worth $420,000 at the time of destruction. Julie's insurance policy paid her 90% of the fair market value of the duplex.
Household items destroyed in the hurricane had a basis of $15,000 and a fair market value of $8,500. There was no insurance recovery on the household items.
Julie purchased a painting three years ago for $4,000. Ath the time of the hurricane, the painting was worth $10,000. Julie purchased the painting as an investment with the intent that she would sell it when its value exceeded $12,000. There was no insurance recovery on the painting.
Home mortgage interest - $10,000.
Determine the amount of Julie's taxable income for 2013.
find the interest paid on a loan of 2800 for two years at a simple interest rate of 11 per year.the interest on a loan
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Carter Company orders 250 units at a time, and places 15 orders per year. Total ordering cost is $1,100 and total carrying cost is $1,100. Which of the following statements is true?
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