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美國CPA習題：Regulation 1
“會看題不會做題”的現象是很多高會考生面臨的問題，一看答案就能理解，不看答案就做不出來？還是在做題方面手太生！沒有形成做題的思路和技巧。正保會計網校為大家整理了USCPA《Regulation》習題，希望大家利用好這些內容，能夠在有限的時間內提高自己成績。
During the current year, Wood's residence had an adjusted basis of $150,000 and it was destroyed by a tornado. An appraiser valued the decline in market value at $175,000. Later in the current year, Wood received $130,000 from his insurance company for the property loss and did not elect to deduct the casualty loss in an earlier year. Wood's current year adjusted gross income was $60,000 and he did not have any casualty gains.
What total amount can Wood deduct as a current year itemized deduction for casualty loss, after the application of the threshold limitations?
a. $25,000
b. $19,900
c. $13,900
d. $20,000
【正確答案】C
【答案解析】Choice "c" is correct. Casualty losses are generally computed as the decline in fair market value, except that the fair market value is limited to the property's basis, here $150,000. Casualty losses are reduced by the amount of any insurance recovery, reducing this loss to $20,000. Next, each individual loss is reduced by $100, bringing this loss to $19,900. Finally, the remaining total amount of all casualty losses (here there is only one) are deductible only to the extent that the amount exceeds 10% of AGI, or $6,000 here. ($150,000 - $130,000 = $20,000; $20,000 - $100 - $6,000 = $13,900.)
Choice "a" is incorrect. This is the market value decline minus the adjusted basis.
Choice "d" is incorrect. This is the adjusted basis minus the insurance reimbursement, without any limitations being applied.
Choice "b" is incorrect. In addition to the $100 per loss nondeductible portion of each separate casualty loss, there is an overall limitation that the remaining total amount of all casualty losses is deductible only to the extent that it exceeds 10% of AGI.
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