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What is the amount of Dons casualty loss deduction

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Question - Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchased for $15,500 and the adjusted basis was $1,050 at the time of the accident. The taxi was repaired at a cost of $2,975 and insurance reimbursed Don $757 of this cost. What is the amount of Don's casualty loss deduction?

Reference no: EM132537900

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What is the amount of Dons casualty loss deduction : The taxi was repaired at a cost of $2,975 and insurance reimbursed Don $757 of this cost. What is the amount of Don's casualty loss deduction
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