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Tim suffered greatly this year

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June 7th, 2024

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim’s motorcycle was stolen from his vacation home. Tim originally paid $27,100 for the boat, but he was able to repair the damage for $6,450. Tim paid $16,850 for the motorcycle, but it was worth $19,000 before it was stolen. Insurance reimbursed $1,630 for the boat repairs and the cycle was uninsured..364px;=”” collapse;=”” 12px=””>a.Calculate Tim’s deductible casualty loss if his AGI is $45,500.b.Calculate Tim’s deductible casualty loss if his AGI is $144,500.c.How would you answer a. if Tim received an additional $66,775 in interest from municipal bonds this year?

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