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Calculate the loss, and determine whether it is a deduction for or a deduction from AGI

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Question

Marge's auto, which is used for business purposes only, is totally destroyed by a fire. The fair market value of the auto was $8,000 at the time of the fire and the adjusted basis was $10,000. Calculate the loss, and determine whether it is a deduction for or a deduction from AGI

 

Paper#24418 | Written in 18-Jul-2015

Price : $27
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