Business, 13.12.2019 04:31 jaueuxsn

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 $20,000 and the adjusted basis was $5,800 at the time of the accident. although the van was worth $6,000 at the time of accident, insurance only paid riley $1,200 for the loss. what is the amount of riley's casualty loss deduction?

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Riley operates a plumbing business, and this year the three-year-old van he used in the business was...

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