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Jon and Kim Moseley, married and filing a joint income tax return, derive their entire income from the operation of their gun shop. The Moseleys itemized their deductions on Schedule A for 2013. The following unreimbursed cash expenditure was among those made by the Moseleys during 2013:
Without regard to the $100 “floor” and the adjusted gross income percentage threshold, what amount should the Moseleys deduct for the casualty loss in their itemized deductions on Schedule A for 2013? A. $ 70 B. $400 C. $0 D. $500 |