Question: Assume the same facts as in problem 47. What is FFFs allowable casualty loss deduction under each of the following situations? a. A comparable van

Assume the same facts as in problem 47. What is FFF’s allowable casualty loss deduction under each of the following situations?
a. A comparable van sells for $4,000. After the accident, the insurance adjuster estimates the van was worth $1,500. The insurance company pays FFF $1,200 on the casualty.
b. A comparable van sells for $8,400. After the accident, the insurance adjuster estimates the value of the van at $1,500. The insurance company pays FFF $1,200 on the casualty.

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