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The fair-market value of the car was 8000 at the time of

Question - Marge's car, which is used for business purposes only, is totally destroyed by a fire. The fair-market value of the car was $8,000 at the time of the fire and the adjusted basis was $10,000. Calculate the loss and determine whether it is a deduction for or a deduction from AGI?

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Accounting Basics: The fair-market value of the car was 8000 at the time of

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