Question

During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim?

a. $0.
b. $1,000.
c. $2,000.
d. $3,000.
e. None of these.

Answer 1

c. $2,000

Step-by-step explanation:

total loss claim = business auto loss + stock investment loss

= $1,000 + $1,000

= $2,000

Therefore, The Kim may claim $2,000 of these losses.