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Question - Reynaldo and Sonya, a married couple, had flood damage in their home due to a dam break near their home in 2021, which was declared a Federally Designated Disaster Area. The flood damage ruined the furniture that was stored in their garage. The following items were completely destroyed and not salvageable:
Damaged Items
FMV Just Prior to Damage
Original Item Cost (Basis)
Antique poster bed
$ 6,200
$ 5,100
Pool table
7,125
11,275
Large flat-screen TV
750
2,675
Required - Their homeowner's insurance policy had a $10,135 deductible for the personal property, which was deducted from their insurance reimbursement of $12,975, resulting in a net payment of $2,840. Their AGI for 2021 was $35,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2021?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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