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:

Encopresis

A condition often related to chronic constipation in children, characterized by involuntary defecation.

Artificialism

The belief, often observed in children, that environmental features were made by people.

Environmental Features

Physical, social, and cultural elements in a person's surroundings that can influence their experiences and behavior.

Genetic Factors

Elements within an individual's genetic makeup that influence their traits, behaviors, and vulnerability to certain conditions or diseases.