Business, 07.04.2020 17:24 mayslays

QUIZLLET Robin’s automobile, which she uses exclusively in her trade or business, was damaged in an accident. The adjusted basis of the automobile prior to the accident was $8,000. The fair market value of the automobile before the accident was $10,000 and the fair market value of the automobile after the accident was $500. Insurance proceeds of $9,500 were received. What are Robin’s income tax consequences resulting from this transaction?

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QUIZLLET Robin’s automobile, which she uses exclusively in her trade or business, was damaged in an...