Business, 05.05.2020 22:09, katswindle11

Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $22,600 and the adjusted basis was $5,475 at the time of the accident. Although the van was worth $6,260 at the time of accident, insurance only paid Riley $1,525 for the loss. What is the amount of Riley's casualty loss deduction?

a.$5,105

b.$3,950

c.$6,260

d.$16,340

e.$5,475

Answers: 2

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Riley operates a plumbing business and this year the 3-year old van he used in the business was dest...