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Discuss what is rockys casualty loss deduction

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During the current year, 2014, Rocky had the following uninsured

personal casualty losses (arising from one casualty). Rocky also had $18,000 AGI for the year, before consideration of these losses.                                                         Fair Market Value 

Asset                   Adjusted Basis                  Before                  After         

A                             $500                               $700                    $600

B                             $3,000                            $2,000                     0

C                             $700                               $600                         0

What is Rocky's casualty loss deduction?

 

 

Reference no: EM131799206

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