Wes owned a business which was destroyed by fire in May 2014. Details of his losses follow:
His AGI without consideration of the casualty is $45,000.
What is Wes's net casualty loss deduction for 2013?
Definitions:
Defective Parts
Components of a product that are faulty, malfunctioning, or fail to meet quality standards.
Anticipatory Breach
Occurs when one party to an agreement indicates they will not fulfill their contractual obligations, allowing the other party to take legal action before the breach occurs.
Bush Pilot
A pilot who operates aircraft, often small planes, in remote and undeveloped areas, typically for the purposes of transporting goods or passengers to locations without established runways.
Remote Part
A component or aspect that is distantly or indirectly related to the main subject or event.
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