Sandras business incurred a casualty loss in 2013., Ask an Expert

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Sandra's business incurred a casualty loss in 2013. Immediately before the casualty, her business truck had an adjusted basis of $30,000 and a fair market value of $35,000. Immediately after the casualty, the truck had a fair market value of $20,000. Because of the truck damage, Sandra's insurance company provided $10,000 as a reimbursement in 2013. What was Sandra's 2013 casualty loss deduction?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946590

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