- 4 - Line A6. Fair market value after casualty or theft0 Line A7. Subtract line 6 from line 5 11,900 Line A8. Enter the smaller of line 2 or line 711,900 Line A9. Subtract line 3 from line 8 11,900 Property Description Electronics, tools, software, computer Line A2. Cost or other basis of each property$11,800 Line A3. Insurance or other reimbursement 0 Line A5. Fair market value before casualty or theft 10,200 Line A6. Fair market value after casualty or theft0 Line A7. Subtract line 6 from line 5 10,200 Line A8. Enter the smaller of line 2 or line 710,200 Line A9. Subtract line 3 from line 8 10,200 Property Description Appliance 06-19-00 Line A2. Cost or other basis of each property$5,700 Line A3. Insurance or other reimbursement 0 Line A5. Fair market value before casualty or theft 5,700 Line A6. Fair market value after casualty or theft0 Line A7. Subtract line 6 from line 5 5,700 Line A8. Enter the smaller of line 2 or line 75,700 Line A9. Subtract line 3 from line 8 5,700 Line A10D. Casualty or theft loss $40,400 Line A11D. The smaller of line 10 or $100 100 Line A12D. Subtract line 11 from line 10 40,300 Line A13D. Add the amounts on line 12 of all Forms 4684 40,300 Line A14D. Add the amounts on line 4 of all Forms 4684 0 Line A16D. If line 14 is less than line 13, enter the difference. 40,300 Line A17D. Enter 10% of your adjusted gross income from Form 1040, line 37. 4,890 Line A18D. Total personal property loss amount$35,410 On January 28, 2004, respondent issued petitioner a notice of deficiency for taxable year 2001. In the notice of deficiency, respondent disallowed petitioner’s claimed casualty loss deduction and determined petitioner was liable for a tax deficiency in the amount of $6,361. OPINION As a general rule, the determinations of the Commissioner in a notice of deficiency are presumed correct, and the taxpayer bears the burden of proving the Commissioner’s determinations inPage: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011