Alicia's automobile destroyed in a tornado on 5/4/2021. This did not occur in a Federally declared disaster area. Her car was used 70% for business and 30% for personal use. The car had originally cost $40,000. At the time of the accident, the car was worth $20,000 and Alicia had taken $8,000 of depreciation. The car was totally destroyed and Alicia had let her car insurance expire. If her AGI is $50,000 (before considering the loss), determine her AGI and itemized deduction for the casualty loss. $34,000;$-0- $30,000;$-0- $26,000;$5,700 None of these $34,000;$4,500
Alicia's automobile destroyed in a tornado on 5/4/2021. This did not occur in a Federally declared disaster area. Her car was used 70% for business and 30% for personal use. The car had originally cost $40,000. At the time of the accident, the car was worth $20,000 and Alicia had taken $8,000 of depreciation. The car was totally destroyed and Alicia had let her car insurance expire. If her AGI is $50,000 (before considering the loss), determine her AGI and itemized deduction for the casualty loss. $34,000;$-0- $30,000;$-0- $26,000;$5,700 None of these $34,000;$4,500
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 48IIP
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