Riley operates a plumbing business, and this year the three-year-old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $20,200 and the adjusted basis was $5,775 at the time of the accident. Although the van was worth $6,020 at the time of accident, insurance only paid Riley $1,225 for the loss. What is the amount of Riley's casualty loss deduction

After hearing a knock at your front door, you are surprised to see the prize patrol from a large, well-known magazine subscription company. it has arrived with the good news that you are the big winner, having won $21 million. you have three options.(a) receive $1.05 million per year for the next 20 years.(b) have $8.25 million today.(c) have $2.25 million today and receive $750,000 for each of the next 20 years. your financial adviser tells you that it is reasonable to expect to earn 13 percent on investments.