Mario's Delivery Van Is Completely Destroyed When a Tree Fell

question 71

Multiple Choice

Mario's delivery van is completely destroyed when a tree fell on it. Mario's insurance company pays him $11,000 for the accident. The van cost $20,000 three years ago. Tax depreciation deductions of $6,000 have been taken to date. The "Blue Book value" (i.e., fair market value) of the van is $12,000 on the accident date. What is Mario's casualty loss on the van?

• A)$- 0 -
• B)$ 1,000
• C)$ 3,000
• D)$ 8,000
• E)$13,000

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Definitions:

18 Years

The age at which an individual is often considered a legal adult, gaining full legal rights and responsibilities in many jurisdictions.

Soft Restraints

Devices made from soft materials used in healthcare settings to safely limit a patient's movements and prevent harm to themselves or others.

Mental Status Assessment

Evaluation of a patient's cognitive function, including consciousness, orientation, memory, and perception.

Aggressively

In a manner that is forceful, assertive, or intensive, often with the intention to dominate or achieve a particular outcome swiftly.