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Business, 30.03.2020 22:29 Redhead667

Kenneth Kruise purchased a personal residence for $266,000. It had a fair market value of $280,000 in the current year when it was damaged by a flood that resulted in the entire area being declared a federal disaster areA. The fair market value after the flood was $240,000 and insurance proceeds totaled $15,000. What is the net amount of casualty loss he can claim if his adjusted gross income is $120,000

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Kenneth Kruise purchased a personal residence for $266,000. It had a fair market value of $280,000 i...
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