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Jim had a car accident in 2015 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.
Canadian Households
The living arrangements of individuals and families residing in Canada, which can influence economic and social statistical analyses.
Probability
A mathematical representation of the likelihood that an event will occur, expressed as a number between 0 and 1.
Clear
Easily understood or free from confusion or ambiguity.
Probability
A mathematical measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
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