Question
Ernest Kopp started a security guard business. Kopp rented an office and furnished it with used furniture and a typewriter from his home. He also
Ernest Kopp started a security guard business. Kopp rented an office and furnished it with used furniture and a typewriter from his home. He also converted one of the family cars to business use. On the second day of operations, the company car was stolen while Kopp was installing a security system. On the third day, the office was burglarized and the typewriter stolen. Kopp's basis in the typewriter was $200 and its fair market value when put in the office was $300. The car had cost Kopp $1,500 but it was worth only $1,000 when converted to business use. What is Kopp's casualty deduction?
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