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Barbara has two business assets that were either wholly or partially destroyed during a tornado. One was a truck with a basis of $34,000 and
Barbara has two business assets that were either wholly or partially destroyed during a tornado. One was a truck with a basis of $34,000 and a market value of $30,000 before the tornado and a value of $15,000 after. The other was a storage and utility building with a basis of $40,000, a market value of $35,000 before the tornado, and no value after due to total destruction. She received $50,000 of insurance proceeds for these two damaged assets. (Topic 5)
What is the amount of her deductible business casualty loss?
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