Wes Owned a Business Which Was Destroyed by Fire in May

question 1311

Essay

Wes owned a business which was destroyed by fire in May 2018. Details of his losses follow: His AGI without consideration of the casualty is $45,000. What is Wes's net casualty loss deduction for 2018?

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Definitions:

Alcohol

A psychoactive substance commonly found in beverages like beer, wine, and spirits, known for its effects on the nervous system.

Methamphetamine

Methamphetamine is a powerful, highly addictive stimulant that affects the central nervous system, known for its use both as a recreational drug and, less commonly, for its therapeutic use in certain medical conditions.

Moderately Intoxicated

A state of inebriation where an individual's cognitive, motor, and perceptual abilities are notably impaired, but not to the extreme.

Alcohol

A chemical substance found in beverages such as beer, wine, and spirits, known to alter consciousness and affect bodily functions.