A hurricane (declared a federal disaster) damaged a personal auto owned by Mr. and Mrs....
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Accounting
A hurricane (declared a federal disaster) damaged a personal auto owned by Mr. and Mrs. South on June 15, 2018.
Fair market value before the flood $18,500
Fair market value after the flood 2,000
Cost basis 20,000
Insurance proceeds 13,000
Adjusted gross income for this year 25,000
Calculate the South's deductible casualty loss.
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