market value of $28,000 and an adjusted basis of $14,000 was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2020 is $37,000. What is Belinda’s casualty loss deduction (after any limitations)?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Belinda was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000 was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2020 is $37,000. What is Belinda’s casualty loss deduction (after any limitations)?
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