Jeff owns a mountain chalet that he purchased in 1980 for $28,000. This year, the...
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Jeff owns a mountain chalet that he purchased in 1980 for $28,000. This year, the home appraised at $115,000. Shortly after the appraisal, a blizzard hit the area, destroying trees and severely damaging several homes, including Jeff's chalet. It's value was reduced to $75,000. Jeff does not have insurance. Jeff's AGI IS $90,000. Jeff's deductible loss after limitation is
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