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Norm's car, which he uses 100% for personal purposes, was completely destroyed during a tornado. The tornado area was declared a federal disaster area. The
Norm's car, which he uses 100% for personal purposes, was completely destroyed during a tornado. The tornado area was declared a federal disaster area. The original cost of the car was $28,000 and its fair market value at the time of the tornado was $10,000. Norm's insurance reimbursed his $8,000 for the loss. His AGI is $14,000. What is Norm's deductible loss? $500 $0 $100 $9,500
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