Scott is the proprietor of a plumbing operation and this year his 3-year old plumbing...
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Accounting
Scott is the proprietor of a plumbing operation and this year his 3-year old plumbing van was wrecked in a traffic accident. Scott originally paid $20,000 for the van and had claimed depreciation of $14,200 on it through the date of the accident. The van had a fair market value of $6,000 at the time of the wreck. His insurance company only paid him $1,200 for the loss. How much can Scott claim as a casualty loss deduction?
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