Ben crashed his new car in 2020 while doing donuts in the high school parking lot. It was a complete loss. The fair value of the car was $18,000. He did not have insurance. His AGI is $10,000. What is the amount of his casualty loss in 2020? A.$0 B.$17,000 C.$17,900 D.$18,000

Ben crashed his new car in 2020 while doing donuts in the high school parking lot. It was a complete loss. The fair value of the car was $18,000. He did not have insurance. His AGI is $10,000. What is the amount of his casualty loss in 2020? A.$0 B.$17,000 C.$17,900 D.$18,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 24CE

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Question

plz solve it within 30-40 mins I'll give you multiple upvote

Ben crashed his new car in 2020 while doing
donuts in the high school parking lot. It was a
complete loss. The fair value of the car was
$18,000. He did not have insurance. His AGI is
$10,000. What is the amount of his casualty loss in
2020?
A.$O
B.$17,000
C.$17,900
D.$18,000

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