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Business, 02.03.2020 20:39 giovney

Pat, a single taxpayer, has adjusted gross income of $40,000 in the current year. During 2018, a hurricane causes $4,100 damage to Pat's personal use car on which Pat has no insurance. Pat purchased the car for $20,000. Immediately before the hurricane, the car's fair market value was $11,000 and immediately after the hurricane its fair market value was $6,900. The area was declared a federal disaster area. What amount should Pat deduct as a casualty loss for the current year after all threshold limitations are applied

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Pat, a single taxpayer, has adjusted gross income of $40,000 in the current year. During 2018, a hur...

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