Adjusted basis in automobile after casualty

Reference no: EM13152160

Frank's automobile (adjusted basis of $8,000) is used exclusively for business and is damaged in an accident. The fair market value before the accident is $10,000, and the fair market value after is $500. If the insurance recovery is $9,500, what is Frank's adjusted basis in the automobile after the casualty?

Reference no: EM13152160

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