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Business, 10.03.2020 01:59, amylumey2005
Grant’s personal residence was completely destroyed by fire. He was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income before considering the casualty item of $30,000. Pertinent data with respect to the residence follows:
Cost basis $280,000
Value before casualty 250,000
Value after casualty –0–
What is Grant's allowable casualty loss deduction?
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Answers: 3
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