Question
Wes owned a business which was destroyed by a Fire in May 2016. Details of his losses follow: Asset Adj. Basis FMV Before FMV After
Wes owned a business which was destroyed by a Fire in May 2016. Details of his losses follow:
| Asset | Adj. Basis | FMV Before | FMV After | Insurance Reimbursement |
| A | 1,000 | 2,000 | 0 | 2,000 |
| B | 15,000 | 10,000 | 3,000 | 2,000 |
| C | 2,400 | 5,000 | 2,500 | 1,000 |
His AGI without consideration of the casualty is $45,000. What is Wess net casualty loss deduction for 2016?
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Audit Of The Management Of Federal Prison Industries And Efforts To Create Work Opportunities For Federal Inmates
Authors: U.S. Department Of Justice
1st Edition
1500770442, 978-1500770440
