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During the year, Rick had the following insured personal casualty losses (arising from one casualty). Rick also had $18,000 AGI for the year. Asset Adjusted
During the year, Rick had the following insured personal casualty losses (arising from one casualty). Rick also had $18,000 AGI for the year. Asset Adjusted Basis Fair Market Value (Before) Fair Market Value (After) Insurance Recovery A $500 $700 $300 $150 B 3,000 2,000 -0- 500 C 700 900 -0- 200 Rick's casualty loss deduction is _____. (Points : 6) $400 $600 $1,000 $1,400 None of the above
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