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Jim had acar accident in 2015 in which his car was completly destroyeda At the...

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Accounting

Jim had acar accident in 2015 in which his car was completly destroyeda At the time of the accident, the car had a fair market value of $30,000 and a adjusted basis of $40,000. Jim used the car 100% of the time for personal use. Jime received recovery of 80% of the value of the car at the time of the accident. If Jim's AGI is $50,000 determine his deductible loss on the car.

A)$900

B)$1,000

C) $6,000

D)$16,000

E)$30,000

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