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537. Eric owns a vintage guitar with a fair market value of $50,000. His adjusted basis in the guitar is $10,000. In 2019, the guitar

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537. Eric owns a vintage guitar with a fair market value of $50,000. His adjusted basis in the guitar is $10,000. In 2019, the guitar is stolen from his house. He has no insurance covering the loss. If Eric's AGI in 2019 is $75,000 and he itemizes his deductions, what amount may Eric deduct as a casualty loss? A. $0 B. $2,400 C. $7,400 D. $9,900

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