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Determine her deductible loss on the car

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Reference no: EM132984527

Question - Oprah had a car accident in which her car was completely destroyed. At the time of the accident, the car had a fair market value of $20,000 and an adjusted basis of $32,000. Oprah used the car 100% of the time for business use. She received an insurance recovery of $18,000. If Oprah's AGI for the year is $85,000, determine her deductible loss on the car.

Reference no: EM132984527

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