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Mike operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchased for $20,000

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Mike operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchased for $20,000 and the adjusted basis was $1,200 at the time of the accident. The taxi was repaired at a cost of $2,900 and insurance reimbursed Mikd $748 of this cost. What is the amount of Mike's casualty loss deduction

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