Wes owned a business which was destroyed by fire in May 2018. Details of his...
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Accounting
Wes owned a business which was destroyed by fire in May 2018. Details of his losses follow:
Adj. FMV FMV Insurance
Asset Basis Before After Reimbursement
A $1,000 $2,000 $ 0 $2,000
B 15,000 10,000 3,000 2,000
C 2,400 5,000 2,500 1,000
His AGI without consideration of the casualty is $45,000.
What is Wes's net casualty loss deduction for 2018?
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