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Compute Jacks casualty loss

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Question - Jack experienced the following casualty losses during the year. Jack's AGI equals $20,000. Assume casualties occurred in a Federally declared disaster area.

Required -

a. Truck used in his construction business is partially destroyed by fire. The truck cost $25,000. FMV before accident was 20,000. FMV after the accident was $10,000. Jack received $5,000 from the insurance company. Compute Jacks casualty loss.

b. Jack's personal use motor scooter was completely destroyed in a fire (federally declared disaster area). Jack only had liability insurance. The motor scooter cost $5,500.  FMV before accident was $2,500. FMV after the accident was $0. Compute Jack's casualty loss.

Reference no: EM132523813

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