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Elodia [21]
3 years ago
9

Danny operates a plumbing business, and this year the three-year-old van he used in the business was destroyed in a traffic acci

dent. The van was originally purchased for $20,000 and the adjusted basis was $5,800 at the time of the accident. Although the van was worth $6,000 at the time of accident, insurance only paid Danny $1,200 for the loss. What is the amount of Danny's casualty loss deduction?
Business
1 answer:
seropon [69]3 years ago
3 0

Answer:

$4,600

Explanation:

Casualty loss deduction = Adjusted basis - insurance compensation = 5800-1200= $4,600

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