Question
In 2022, Jake incurred the following business casualty losses from a fire that was not in a Federally declared disaster area: Asset Status Insurance Recovery
In 2022, Jake incurred the following business casualty losses from a fire that was not in a Federally declared disaster area:
| Asset | Status | Insurance Recovery | Adjusted Basis | FMV Before | FMV After |
| A | Completely destroyed | 3,000 | 10,000 | 5,000 | 0 |
| B | Partially destroyed | 1,000 | 6,000 | 10,000 | 7,000 |
Before considering this casualty loss, Jake's adjusted gross income for 2022 was $20,000
Considering any possible limitations. what is Jake's casualty loss deduction for 2022?
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Auditing Local Union Financial Records A Guide For Local Union Trustees
Authors: John Lund
1st Edition
0875461948, 978-0875461946
