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How much can Nabeel deduct related to this casualty

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Question - Nabeel owned a special purpose boat for use in a fishing business. The boat originally cost $9,000 and had a basis of $-0-. The boat that was worth $5,200 at the time was totally destroyed when it was blown by strong winds into large rocks. How much can Nabeel deduct related to this casualty? Is this a deduction for AGI or from AGI?

Reference no: EM132567065

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