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4. Larry Jones was involved in a collision which totally destroyed his care. The automobile, which cost 10,000 and had a fair market value of
4. Larry Jones was involved in a collision which totally destroyed his care. The automobile, which cost 10,000 and had a fair market value of 8,100 right before the accident, was used solely for personal use. The car had no value after the accident. Assuming that Larry had adjusted gross income of $38,000 and carried no collision insurance, what amount can be deduct as a net casualty loss for the year?
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