Alicia was involved in an automobile accident in 2020. Her car was used 60% for business and
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Alicia was involved in an automobile accident in 2020. Her car was used 60% for business and 40% for personal use. The car had originally cost $40,000. At the time of the accident, the car was worth $20,000 and Alicia had taken $8,000 of depreciation. The car was totally destroyed and Alicia had let her car insurance expire. If her AGI is $50,000 (before considering the loss), determine her AGI and itemized deduction for the casualty loss.
Related Book For
Managers and the Legal Environment Strategies for the 21st Century
ISBN: 978-0324582048
6th Edition
Authors: Constance E Bagley, Diane W Savage
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