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Joe's automobile, which was used only for business purposes, was damaged in an accident. At the date of the accident, the fair market value of
Joe's automobile, which was used only for business purposes, was damaged in an accident. At the date of the accident, the fair market value of the automobile was $13,000 and its adjusted basis was $7,000. After the accident, the automobile was appraised at $4,000. Calculate Joe's loss. It it a for or from AGI deduction
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