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During the current year, Carlos had securities stolen from his home. Carlos had paid $30,000 for the securities, but they were worth $75,000 at the time of the theft. Carlos had $75,000 of adjusted gross income for the year (before considering the loss) and no other itemized deductions. Determine Carlos's deduction with respect to the theft.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969453

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