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Alex_Xolod [135]
3 years ago
8

Jim was in an auto accident this year. Jim paid $2,450 to repair his personal-use car after the accident and his insurance only

reimbursed him $400. Jim bought his car several years ago for $1,500. What is the amount of casualty loss from this accident before Jim applies any casualty loss floor limitations?$2,450.$2,050.$1,500.$1,100.None of the choices are correct.
Business
1 answer:
zimovet [89]3 years ago
4 0

Answer:

The correct answer is $1,100.

Explanation:

The loss is the lesser of the adjusted basis of the asset ($1,500) or the decline in value (here the amount of repairs - $2,450). Before the loss is compared to the per casualty floor limit, the amount of the loss ($1,500) must be reduced by insurance reimbursements ($400).

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