Question: Wilbur DuVal has an apartment full of antique furniture A
Wilbur DuVal has an apartment full of antique furniture. A fire in the apartment destroys a large part of his furnishings. The destroyed furnishings had a fair market value of $40,000, and Wilbur’s original basis in the furnishings was $33,750. He recovers $13,000 from his insurance company. Wilbur’s adjusted gross income for 2014 is $43,000. Use Form 4684 on Page 543 to report Wilbur’s loss.
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