Determine the itemized deduction for the casualty loss, Accounting Basics

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Determine the itemized deduction for the casualty loss

Alicia was involved in an automobile accident. Her car was used 50 percent for business and 50 percent for personal use. The car had originally cost $20,000. At the time of the accident, it was worth $14,000 and Alicia had taken $2,000 of depreciation. After the accident, it was worth $5,000. The car was not insured. If Alicia's AGI is $15,000 (before considering the loss), determine her itemized deduction for the casualty loss.

a. $2,900.

b. $3,350.

c. $7,400.

d. $9,000.

e. None of the above.

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Accounting Basics: Determine the itemized deduction for the casualty loss

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Accounting Basics: Determine the itemized deduction for the casualty loss

Reference No:- TGS090428

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Determine the itemized deduction for the casualty loss

Reference No:- TGS090428

Recent Questions Asked Accounting Basics

Q : Determine the dividends per share for preferred-common stock

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