John Henderson's portable sawmill was completely destroyed by a fire and he carried no insurance on the
Question:
John Henderson's portable sawmill was completely destroyed by a fire and he carried no insurance on the property. The adjusted basis for depreciation oft he sawmill building and equipment at the time oft he fire was
$65,000, and its fair market value was
$50,000. The value of the equipment after the fire was only scrap value, amounting to $200. How much is Mr. Henderson's deductible casualty loss?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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