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:

POTS Line

Plain Old Telephone Service line refers to the standard telephone service provided over traditional copper wires carrying analog voice data.

RJ-11

A type of connector commonly used for telephone cabling, characterized by its compact, rectangular shape with room for up to six conductors.

RJ-45

RJ-45 is a standard type of connector used for network cables in telecommunications and computer networking, characterized by its 8-pin connection.

Rollers

Components found in various devices, such as printers and scanners, designed to guide or move paper or other media through the machine.