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  3. 3. on july 24 of the current year, sam smith was i

3. On July 24 of the current year, Sam Smith was involved in an accident...

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3. On July 24 of the current year, Sam Smith was involved in an accident with his business use automobile. Sam had purchased the car for $30,000. The automobile had a fair market value of $20,000 before the accident and $8,000 immediately after the accident. Sam has taken 20,000 of depreciation on the car. a. Calculate Sam's business casualty loss deduction b. Assume Sam's automobile was insured at fair market value What will be the tax result to Sam

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