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What is the amount of Riley casualty loss deduction

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Question - Riley operates a plumbing business and this year the 3-year old van he used in the business was totally destroyed in a traffic accident. The van was originally purchased for $20,000 and the adjusted basis was $5,800 at the time of the accident. Although the van was worth $6,000 at the time of accident, insurance only paid Riley $1,200 for the loss. What is the amount of Riley's casualty loss deduction?

Reference no: EM133013969

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