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Business, 09.11.2020 16:50 Bailey1116680

Jim had a car accident in 2019 in which his car was completely destroyed. At the time of the accident, the car had an adjusted basis of $40,000. Jim used the car 100% of the time for business use. He received an insurance recovery of 70% of the value of the car at the time of the accident. If Jim’s AGI for the year is $60,000, determine Jim's deductible loss on the car.

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Jim had a car accident in 2019 in which his car was completely destroyed. At the time of the acciden...
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