### Deductible casualty loss

Assignment Help Accounting Basics
##### Reference no: EM1359058

A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of \$15,000 and a FMV of \$10,000 before the fire. The furniture's adjusted basis was \$5,000 and its FMV was \$2,000 before the fire. Monica's AGI for the year is \$60,000. Monica does not have insurance on the destroyed assets. How much is Monica's deductible casualty loss?

A. \$5,900
B. \$12,000
C. \$13,900
D. \$20,000

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