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Amy's business incurred a casualty loss in 2013. Immediately before the casualty, her business truck had an adjusted basis of $35,000 and a fair market value of $40,000. Immediately after the casualty, the truck had a fair market value of $20,000. Because of the truck damage, Amy's insurance company provided $10,000 as a reimbursement in 2013. What was Amy's 2013 casualty loss deduction?

a. $0

b. $10,000

c. $20,000

d. Unknown (because we must know Amy's AGI)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M938730

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