Question Completion Status: Jim had a car accident in 2019 in which his car was completely destroyed. At the time of the accident, the car had a fair market value of $30,000 and an adjusted basis of $40,000. Jim used the car 100% of the time for business use Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim's Al for the year is 560,000, determine his deductible loss on the car Oa50 $ 6,000 c. 39,900 d. 516,000 $23,900 Norm's ow, which he was 100% for personal purposes, was completely destroyed in an identin 2019. The car's justed basis at the time of the accident was $13,000. Its fair market value was $10,000. Norm received 57,000 from his company. His wasted gross income was $14.000 before considering the low). What is Nor's deductible loss? a $5,000 6.54,500 c. 53.000 $1,500 50 In 2019.G's rient was completely dewyed by a humice. The home decor by the ward for of this stalow, and he received 200,000 in settlement Crane hasted grow income before codering the way item of 530,000 Partiest da with respect to the rece 250,000