catherine3
Level 4
03-14-2023
04:54 PM
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I have a multi member LLC client. They are a camera equipment rental house. Their facility was robbed and several items were stolen - basis value of $108,000. How do I record this in Pro Series. Do I just go to asset entry worksheet that I used for each item in the previous years and treat it as a disposition and use $0 for the sale price? The insurance company paid them replacement cost of $213,000. Consequently, they are in a better position by $105,000. Is that difference between the loss and the insurance money taxable? Is there anything else that I need to do to record the robbery loss? Thank you in advance to anyone who can help.
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