Question: Exercise 7-26 (Algorithmic) (LO. 4) Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal use and had

Exercise 7-26 (Algorithmic) (LO. 4) Belinda was involved in a boating

Exercise 7-26 (Algorithmic) (LO. 4) Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal use and had a fair market value of $38,400 and an adjusted basis of $19,200, was completely destroyed. She received $13,440 from her insurance company. Her AGI for 2021 is $48,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) 860 X. is $

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