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What is thomas adjusted basis after the casualty

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Problem 1: Thomas's automobile, adjusted basis of $12,000, is used exclusively for business and is damaged in an accident. The FMV before the accident is $18,000 and the FMV after is just $950. If the insurance recovery is $16,000, what is Thomas's adjusted basis after the casualty? What is his casualty gain, if any?

Reference no: EM132824646

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