Question: Exercise 7-26 (Algorithmic) (LO. 4) Belinda was involved in a boating accident in 2020. 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 2020. Her speedboat, which was used only for personal use and had a fair market value of $44,800 and an adjusted basis of $22,400, was completely destroyed. She received $15,680 from her insurance company. Her AGI for 2020 is $56,000. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $ Is her loss currently deductible

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