Solved: Discuss what is rockys casualty loss, Accounting Basics

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Discuss what is rockys casualty loss

During the current year, 2014, Rocky had the following uninsured

personal casualty losses (arising from one casualty). Rocky also had $18,000 AGI for the year, before consideration of these losses. Fair Market Value

Asset Adjusted Basis Before After

A $500 $700 $600

B $3,000 $2,000 0

C $700 $600 0

What is Rocky's casualty loss deduction?

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