Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. the taxi was originally purchased for $32,000 and the adjusted basis was $2,000 at the time of the accident. the taxi was repaired at a cost of $2,500 and insurance reimbursed don $700 of this cost. what is the amount of don's casualty loss deduction? a. $1,300.b. $2,500.c. $1,800.d. $2,000.e. don is not eligible for a casualty loss deduction.
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Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. the...
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