Acme Corp.'s delivery truck (adjusted basis $40.000, FMV $27.000) was completely destroyed in a freeway...
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Acme Corp.'s delivery truck (adjusted basis $40.000, FMV $27.000) was completely destroyed in a freeway cident. Insurance paid $10,000. Compute the casualty loss deduction and indicate where the loss is deducted FOR or FROM AGI). 7. Xerox Corp.'s small plane (adjusted basis $32,000; FMV before casualty 552,000) was damaged in a crash Afterwards, the plane was appraised at $24,000. Insurance paid $12,000. Compute the casualty loss deduction and indicate where the loss is deducted (FOR or FROM AGI)
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