Belinda was involved in a boating accident in 2019. Her speedboat, which was used only...
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Accounting
Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2019 is $37,000.
Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $.
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