Wesley Completely Demolished His Personal Automobile in a Car Accident

question 93

Multiple Choice

Wesley completely demolished his personal automobile in a car accident.Damage to the auto was estimated at $35,000.Wesley had purchased the car a few years ago for $60,000.He received an insurance reimbursement of $28,000.His adjusted gross income this year was $55,000 and he incurred no other losses during the year.What amount can he deduct as a casualty loss on his income tax return after limitations?

• A)$1,400
• B)$1,500
• C)$6,900
• D)$7,000

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Definitions:

Behavior Geneticist

A scientist who studies the role of genetics in the behavior of individuals, often through twin studies, family studies, and other genetic methodologies.

Genetics

The study of genes, genetic variation, and heredity in living organisms, explaining how traits are passed from parents to offspring.

Environment

The habitat or situational conditions that influence the living or operational state of a person, animal, or plant.

Inborn Concept

A theory that suggests certain ideas or understanding are inherent and present at birth, not learned through experience.