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Business, 25.03.2020 05:00 kivking12

Ford's automobile that he uses 100% for business is vandalized. The adjusted basis before the vandalism is $3,000. The fair market value of the car before the vandalism is $7,000, and the fair market value of the property after the vandalism is $2,000. Ford's insurance does not cover vandalism. What is Ford's loss deduction for the year?

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Ford's automobile that he uses 100% for business is vandalized. The adjusted basis before the vandal...

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