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Rhoda owns an electronics store that is burglarized during the current year. The burglars destroy the point-of-sale terminal and steal $450 from the cash drawer.
Rhoda owns an electronics store that is burglarized during the current year. The burglars destroy the point-of-sale terminal and steal $450 from the cash drawer. The point-of-sale terminal was purchased for $7,270, and its adjusted basis is $3,770. The insurance adjuster estimates that the fair market value of a similar point-of-sale terminal is $5,960. The burglars also steal stereo equipment costing $4,300 that has a retail value of $6,865. In breaking into the store, the burglars break a large glass door that costs Rhoda $595 to replace. Rhoda's deductible loss if the insurance company reimburses her $5,385 is $
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