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July 23, 2014

Homework Help: income tax

Posted by Lourane on Sunday, November 25, 2012 at 4:27pm.

Abel's car ws completely destroyed in an accident that was his fault. His loss was $8,500 and his insurance company reimbursed him $6,500. What amount of casualty loss can Abel claim on his return (before deduction limitations)?
a. $0
b. $2,000
c. $6,500
d. $8,500

is the correct answer b

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