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Title: Wesley completely demolished his personal automobile in a car accident. Damage to the auto was ... Post by: Sheena Maskell on Jan 9, 2017 Wesley completely demolished his personal automobile in a car accident. Damage to the auto was estimated at $35,000. Wesley had purchased the car last year for $60,000. He received an insurance reimbursement of $28,000. His adjusted gross income this year was $55,000 and he incurred no other losses during the year. What amount can he deduct as a casualty loss on his income tax return after limitations?
A) $1,400 B) $1,500 C) $6,900 D) $7,000 Title: Re: Wesley completely demolished his personal automobile in a car accident. Damage to the auto was ... Post by: Yoko900 on Jan 9, 2017 Content hidden
Title: Re: Wesley completely demolished his personal automobile in a car accident. Damage to the auto was ... Post by: Sheena Maskell on Mar 20, 2017 Perfect :raised_hands:
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