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18 October, 18:16

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.

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Answers (1)
  1. 18 October, 18:35
    0
    c. $ 2000

    Explanation:

    It is important to note that Kim can only claim losses for business related losses not personal losses.

    business losses = $ 1000 (business auto) + $ 1000 (stock investment)

    = $ 2000

    Therefore, Kim can only claim $ 2000.
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