Casualty and theft loss floor? $500 or $100?

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  • December 21, 2011 at 4:13 am #164623
    llq1015
    Participant

    In the wiley exercise, the answer is deduct $500 as floor, but in becker it said deduct $100, I want to know in the real cpa regulation test, what amount should we deduct?

    BEC 75/ 2011.2.25 (Expired);81(2012.11.30)
    FAR 80/ 2011.8.29
    REG 78/ 2012.1.5
    AUD 74(2012.5.29);73(2012.8.22);76(2012.11.02)

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  • December 21, 2011 at 4:21 am #318849
    Anonymous
    Inactive

    The floor is now $100. $500 was for tax year 2009 (2010 exam). I remember Phil Yaeger going over this in his midyear update for REG this year. Someone please correct me if I'm wrong.

    December 21, 2011 at 4:38 am #318850
    jeff
    Keymaster

    $100…$500 was 2009 tax year as you said

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