What is the allowable casualty loss deduction, Accounting Basics

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What is the allowable casualty loss deduction

in 2011 the chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area they had AGI of $110,000 in 2011 the following information relates to the craft:

cost basis 95,000
FMV before casualty 145,000
FMV after casually 25,00

the chens had insurance and received an $80,000 insurance settlement what is the allowable casualty loss deduction for the chens in 2011?

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Accounting Basics: What is the allowable casualty loss deduction

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Accounting Basics: What is the allowable casualty loss deduction

Reference No:- TGS060627

Recent Questions Asked Accounting Basics

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Q : What is the allowable casualty loss deduction

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