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The office of Ron, an electrician, was broken into, and some of his tools were stolen. The tools had an adjusted basis of $3,000 and
The office of Ron, an electrician, was broken into, and some of his tools were stolen. The tools had an adjusted basis of $3,000 and a FMV of $4,500. Also, a computer used in his business was taken, which had an adjusted basis of $2,000 but a FMV of only $800. Both the tools and the computers are business-use property. What is Ron's theft loss deduction?
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Rons theft loss deduction is determined by the lesser of the adjusted basis of the stolen prope...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
