need help with this question. It concerns 2015 Federal income Tax. Moving to ano

Question

need help with this question. It concerns 2015 Federal income Tax.

Moving to another question will save this response. Alberto Gomez's automobile (100 percentage business use) was completely destroyed by fire, had an adjusted basis of dollar 14,000, and a fair market value of dollar 15,000 before die fire, was uninsured. His AGI was dollar 50,000. Alberto's casualty loss deduction is: dollar 8,900 dollar 9,900 dollar 14,000 O dollar 14,900 dollar 15,000 Moving to another question will save this response.

Explanation / Answer

Answer is option 3 - $ 14000

As per regulations of IRS on casualty loss deduction, where an asset is 100 % used for business then its adjusted basis is allowed as deduction i.e 14000

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