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Business, 12.01.2022 14:00 lilybear1700

Phillip's classic automobile was completely destroyed in a fire at the storage unit where he had it garaged. The fire was declared a federal disaster. The insurance company paid $10,000 on the vehicle. The auto's fair market value was $28,000, and his basis was $22,000. Phillip's AGI is $55,000. What is the amount of Phillip's deductible casualty loss

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