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How much is kevin casualty loss deduction

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Question - Kevin James used a machine in his business, and it was partially destroyed by fire. At the time of the fire, the adjusted basis was $20,000 and the fair market value was $16,000. After the fire, the fair market value was $10,000. Kevin received $5,000 from his insurance company. How much is Kevin's casualty loss deduction?

Reference no: EM132971065

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