Last year, Beth purchased a motor home for $60,000. In the current year, the motor home was
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Last year, Beth purchased a motor home for $60,000. In the current year, the motor home was completely destroyed in an accident. The fair market value of the motor home before the accident was $48,000. The insurance company reimbursed Beth $38,000 for her loss. If Beth’s current year AGI is $70,000, her casualty and theft loss deduction is:
a. $3,000
b. $14,900
c. $15,000
d. $2,900
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Related Book For 
Essentials Of Federal Income Taxation For Individuals And Business
ISBN: 9780808038009
15th Edition
Authors: Linda M. Johnson
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