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In 2015, Wally had the following insured personal casualty losses (arising from one casualty). Wally also had $42,000 AGI for the year before considering the
In 2015, Wally had the following insured personal casualty losses (arising from one casualty). Wally also had $42,000 AGI for the year before considering the casualty.
Fair Market Value
Asset | Adjusted Basis | Before | After | Insurance Recovery |
A | $9,200 | $8,00 | $1000 | $2000 |
B | 3,000 | 4,000 | -0- | 4,000 |
C | 3,700 | 1,700 | -0- | 900 |
Wallys casualty loss deduction is:
a. $1,500.
b. $1,600.
c. $4,800.
d. $58,000.
e. None of the above.
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