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Business, 02.12.2020 16:50 bransom4206

Riley operates a plumbing business, and this year the three-year-old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $20,200 and the adjusted basis was $5,775 at the time of the accident. Although the van was worth $6,020 at the time of accident, insurance only paid Riley $1,225 for the loss. What is the amount of Riley's casualty loss deduction

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Riley operates a plumbing business, and this year the three-year-old van he used in the business was...
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