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Jim had a car accident in 2016 in which his car was completely destroyed.At the time of the accident,the car had a fair market value of $30,000 and an adjusted basis of $40,000.Jim used the car 100% of the time for business use.Jim received an insurance recovery of 70% of the value of the car at the time of the accident.If Jim's AGI for the year is $60,000,determine his deductible loss on the car.
A Treaty
An officially concluded and ratified agreement between two or more sovereign states.
Common Law
A body of law developed from custom or judicial decisions in English and U.S. courts, and not by a legislature.
Judicial Decisions
Rulings made by courts interpreting laws, which can establish legal precedents and influence future legal cases.
Legislature
The governmental body empowered to make, amend, or repeal laws within a state or country.
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