Phillip Gunther's classic automobile was completely destroyed in a fire
Question # 00587286
Posted By:
Updated on: 09/12/2017 03:38 AM Due on: 09/12/2017
Phillip Gunther's classic automobile was completely destroyed in a fire at the storage unit where he had it garaged. The insurance company paid $10,000 on the vehicle.
The auto's fair market value was $28,000, and his basis in it was $22,000. Phillip's AGI is $55,000.
What is the amount of Phillip's deductible casualty loss?
-
Rating:
/5
Solution: Phillip Gunther's classic automobile was completely destroyed in a fire