Wesley completely demolished his personal automobile in a car accident. Damage to the auto was...
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Accounting
Wesley completely demolished his personal automobile in a car accident. Damage to the auto was estimated at $35,000. Wesley had purchased the car a few years ago for $60,000. He received an insurance reimbursement of $28,000. His adjusted gross income this year was $55,000 and he incurred no other losses during the year. What amount can he deduct as a casualty loss on his income tax return after limitations? (Points : 4)
$1,400 $1,500 $6,900 $7,000
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