In January of This Year, B's Family Automobile Was Completely

question 35

Multiple Choice

In January of this year, B's family automobile was completely destroyed in a collision with an uninsured drunk driver.The car, which originally cost $3,500 and had a fair market value of $2,700 immediately before the accident, was worthless afterwards.B had $250 deductible on his insurance and in June received a $2,450 check from the insurance company.He used the proceeds to purchase a car for $2,000.B itemizes his deductions.Based on these facts, the amount of casualty loss he may claim in computing his taxable income is

• A)$150
• B)$250
• C)$600
• D)$950

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Definitions:

Ritual

The symbolic affirmation of values by means of culturally standardized utterances and actions.

Symbolic Affirmation

The act of validating or reinforcing a belief, value, or identity through symbols, rituals, or statements that have deep personal or cultural significance.

Culturally Standardized

Practices, norms, or products that have been widely accepted and integrated into a culture.

Disposition

Final placement or disposal of a dead person.