Business, 17.03.2020 04:27 tubby3229

Ned's office was flooded when a water pipe burst. Office furniture that had been purchased at a cost of $6,000, and on which Ned had deducted $2,000 of depreciation, was damaged by the water. The fair market value of the furniture before being damaged was $5,000, and afterward was $2,000. Ned was reimbursed $2,000 by insurance. Ned's casualty loss deduction is:

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Ned's office was flooded when a water pipe burst. Office furniture that had been purchased at a cost...

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