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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