Tony is a carpenter who owns his own furniure-manufacturing

Reference no: EM13610620

Tony is a carpenter who owns his own furniure-manufacturing business. During the current year, vandals broke into the workshop, damaged several pieces of equiptment, stole his delivery truck, and also stole his personal automobile, which he often kept in the workshop garage. The asset descriptions and related values are as follows:

Asset FMV B-4 Casulaty FMV B-4 Casulaty Cost 2 replace/rep. Adj. Basis Insur. Proceeds

Equiptment A $12,300 $4,000 $8,700 $9,000 $3,700

Equiptment B 8,100 0 9,000 3,000 7,800

Equiptment C N/A N/A 13,800 15,300 11,400

Delivery Truck 18,000 0 32,000 17,500 16,000

Automobile 15,000 0 12,000 28,000 12,000

Although he could not obtain its fair market value after the casualties, Tony decided to repair rather than replace Equiptment C. Beofre considering any deductions due to these casualties, Tony's AGI is $80,000.

A. What deductions may Tony take relating to the vandalism?

Reference no: EM13610620

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