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An owner may insure on a First Loss basis. This approach means taking the view that any loss or damage is unlikely to affect all the works of art in a collection, and so the owner agrees a limit to the underwriter's liability on any single claim to an agreed figure. This basis can apply to either a full replacement value policy or an agreed value policy. An example: if the works of art are valued at £500,000, and the value is not concentrated in one or two items but spread throughout the house, it may be considered unlikely that any damage would cause a claim greater than £100,000. The owner therefore negotiates on the basis of losses up to £100,000. This does mean that in the event of a catastrophe, whereby all works of art are lost, there will only be a payment of £100,000 for items worth £500,000. However, such an approach will reduce the premium.
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What is the basis of Economic Systems?
Demand and loss
If I change my primary residence to a rental for any period and then sell it at a loss can I deduct the loss?
You will never be able to take a loss for the decrease in value during the time it was a personal use property. At best, you'll be able to take a loss for any further decrease in value after you convert it to a rental property. It is very important that you get an appraisal at the time you convert it. If you sell it for a loss, your basis for determining a loss will be the lesser of the following two numbers: 1) The FMV of the property on day it was converted to rental use minus depreciation allowed or allowable. 2) The original adjusted basis of the property minus depreciation allowed or allowable. On the other hand, your basis for determining a gain will be the original adjusted basis minus depreciation allowed or allowable. If you have a gain use the loss basis and a loss using the gain basis, then your gain is considered to be zero.
Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted basis at the date of disposition?
Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted basis at the date of dispositionAnswer: TrueRealized gain or loss is the difference between the amount realized and the property's adjusted basis.
How do I Find the incremental profit or loss?
The incremental profit or loss is the change in profit or loss over the designated time period. After calculating the profit or loss, for example on a monthly basis, the delta between that and the average monthly profit or loss from the prior year can be determined.
What is parta system?
Parta is the financial performance monitoring system for any organization which indicates Profit/Loss on daily basis. This helps in keeping a track of the organization on a daily basis.
First order loss?
The first order loss refers to the primary loss. It is usually based on the power efficiency surpassing 100%.
What is cost basis of stock?
The cost basis is the original value of an asset adjusted for stock splits, dividends or capital distributions. It is used to figure capital gain or loss for tax purposes
my contents are worth 500,000 U.S. dollars, but i only got a robbery cover of only 100,000, first loss basis. during a robbery, only 50,000 worth of the contents were stolen. can i file for a claim for how much?
10000
DOes weight loss tea really work?
Yes weight loss tea is really work if we do it by the regular and correct basis and use it as said in that directions to follow and of following the other food for it.
Where was the first ozone loss detected?
The first ozone loss was detected over Antarctic. It is due to westerly winds.
Do I have to pay taxes on insurance paid on apartment building due to fire We r corporation?
Maybe.. The best way to describe the situation is to think of it as a sale of the property. You don't have to pay taxes on insurance proceeds up to the amount of your tax basis on the property. You will have to pay taxes on any payments above your tax basis. If you receive more than your basis you pay tax on the gain. This is assuming the property is a total loss. If it was repaired, then your basis would transfer to the repaired property, no loss, no gain.
What actors and actresses appeared in First Loss - 2009?
The cast of First Loss - 2009 includes: Kelly Eastwood as Liz
