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  3. john had adjusted gross income of $60.000 in 2020.

John had adjusted gross income of $60.000 in 2020. During the year, his personal use...

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Accounting

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John had adjusted gross income of $60.000 in 2020. During the year, his personal use summer home was damaged by a fire. Pertinent data with respect to the home follows: Cost basis Value before the fire $260.000 400,000 100,000 270.000 Value after the fire Insurance recovery John had an accident with his personal use car. As a result of the accident. He was cited with reckless driving and willful negligence. Pertinent data with respect to the car follows: Cost basis Value before the accident Value after the accident $80,000 56,000 20,000 Insurance recovery 18,000 What is John's itemized casualty loss deduction

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