The office of Ron, an electrician, was broken into, and some of his tools were stolen. The tools had an adjusted basis of $3,000 and a FMV of $4,500. Also, a computer used in his business was taken, which had an adjusted basis of $2,000 but a FMV of only $800. Both the tools and the computers are business-use property. What is Ron's theft loss deduction?

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Rons theft loss deduction is determined by the lesser of the adjusted basis of the stolen prope... View the full answer