49. Vlad's truck that was used 100 percent for business was completely destroyed by a flood. The truck had an adjusted basis of $32,000 and a fair market value just prior to the flood of $25,000. Vlad did not receive any insurance reimbursement as Vlad did not have insurance on the truck. Vlad's casualty loss is: a. $O b. $25,000 c. $32,000 d. None of the Above 50. Neal's office was damaged by smoke from an adjacent office. Office furniture that he bought for $6,000 and for which he had taken $2,000 in depreciation was damaged. The fair market value of the office furniture was $5,500 before the damage and was $2,000 after the damage. Neal was reimbursed by the insurance company in the amount of $2,000. What is Neal's casualty loss? a. $1,000 b. $1,500 c. $2,000 d. $3,000