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I need help solving this question Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed
I need help solving this question
Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $23,400 and the adjusted basis was $5,375 at the time of the accident. Although the van was worth $6,340 at the time of accident, insurance only paid Riley $1,625 for the loss. What is the amount of Riley's casualty loss deduction?
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