Julie, Who Is Single, Reports the Following Items for 2019

Essay

Julie, who is single, reports the following items for 2019:
∙ Salary-$100,000.
∙ A hurricane completely destroyed Julie's duplex during the current year.She lived in one- half of the duplex and rented out the other half.Julie paid $400,000 for the duplex and
has taken $80,000 of cost recovery on the rental portion of the duplex.The duplex was worth $420,000 at the time of the destruction.Julie's insurance policy paid her 90% of the fair market value of the duplex.After the storm, her county was declared a Federal disaster area.
∙ Household items destroyed in the hurricane had a basis of $15,000 and a fair market value of $8,500.There was no insurance recovery on the household items.
Julie purchased a painting three years ago for $4,000.At the time of the hurricane, the painting was worth $10,000.Julie purchased the painting as an investment with the intent
∙ that she would sell it when its value exceeded $12,000.There was no insurance recovery on the painting.
∙ Julie had an automobile accident in the current year.She used the car 100% for personal purposes.The car cost $37,000 and had a decline of $5,000 in FMV as a result of the accident.The car was insured, but the policy had a $2,000 deductible clause.Julie chose not to file a claim for the damage.
∙ Julie owned a computer that she used 100% for business.The computer was also completely destroyed in the hurricane.It had a basis of $6,000 and an FMV of $4,000 at the time it was destroyed.She was not reimbursed by her employer for the loss on the computer.
∙ Home mortgage interest-$10,000.
Determine the amount of Julie's taxable income for 2019.