Description of this paper

(TCO 3) John's car was completely destroyed by fire in 2010. Its cost and fair market value were $8,000.

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solution


Question

1. (TCO 3) John's car was completely destroyed by fire in 2010. Its cost and fair market value were $8,000. John's claim against insurance was $3,000 and was NOT made until 2011. The following year, 2011, John settled with the insurance company for $2,000. What are John's deductions for 2010 and 2011 based on the above information if 1) the car was used for personal property and 2) business property? (Points: 25)

 

Paper#32396 | Written in 18-Jul-2015

Price : $33
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