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Rebecca was involved in a boating accident in 2020 (not a federally declared disaster area). Her speedboat, which was used only for personal use
Rebecca was involved in a boating accident in 2020 (not a federally declared disaster area). Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2020 is $30,000. What is Rebecca's deductible casualty loss?
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