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Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van
Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $11.443 and the adjusted basis was $5,254 at the time of the accident. Although the van was worth $6,427 at the time of accident, insurance only paid Riley $3,832 for the loss. What is the amount of Riley's casualty loss deduction?Answer as a positive number (do not use negative signs or parenthesis)
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