Question
4. Thomass automobile, adjusted basis of $12,000, is used exclusively for business and is damaged in an accident. The FMV before the accident is $18,000
4. Thomass automobile, adjusted basis of $12,000, is used exclusively for business and is damaged in an accident. The FMV before the accident is $18,000 and the FMV after is just $950. If the insurance recovery is $16,000, what is Thomass adjusted basis after the casualty? What is his casualty gain, if any?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
