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Don is a florist, and this year one of his flower delivery vans was damaged in a traffic accident. The van was originally purchased for
Don is a florist, and this year one of his flower delivery vans was damaged in a traffic accident. The van was originally purchased for $32,000 and the adjusted basis was $3,000 at the time of the accident. The van was repaired at a cost of $2,500 and insurance reimbursed Don $1,500 of this cost. Dons adjusted gross income before this casualty loss was $82,000. What is the amount of Dons casualty loss deduction?
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