Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $22,600 and the adjusted basis was $5,475 at the time of the accident. Although the van was worth $6,260 at the time of accident, insurance only paid Riley $1,525 for the loss. What is the amount of Riley's casualty loss deduction?
a.$5,105
b.$3,950
c.$6,260
d.$16,340
e.$5,475
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following people would be considered unemployed by the Bureau of Labor Statistics? I. Mrs. X retires from her job at the age of 55 and does not look for another job. II. Mr.
Answers (1)
When computing economic growth, changes in nominal gross domestic product (GDP) must be adjusted to reflect changes in the price level because:
Answers (1)
Wealth is: a. a term used by Max Weber to refer to people who have a similar level of income and prestige b. A term associated with life-style all of a person's material assets, including wage, land, stocks, and other types of property c.
Answers (1)
Porter theorizes that four broad attributes of a nation shape the environment in which local firms compete, and these attributes promote or impede the creation of competitive advantage. these attributes are:
Answers (1)
A marketing manager decides what combination of variables is needed to satisfy customers' needs for a general type of product. What are the essential variables that the marketing manager combines?
Answers (1)
New Questions in Business
1. Everyone has the same amount of risk. True False
Answers (2)
Organizations can achieve a competitive advantage by using their resources to: Group of answer choices duplicate the value a competitor firm provides to its customers. create strategies that are simultaneously being implemented by competitors.
Answers (1)
Externalities exist when the actions of one agent Question 9 options: A. benefit the agent committing the acts. B. hurt the agent committing the action. C. benefit or hurt another agent who is a part of the exchange relationship. D.
Answers (1)
While the societal marketing concept considers the future welfare of consumers and the sustainable marketing concept considers future company needs, the strategic planning concept considers both. Group of answer choices True False
Answers (1)
At a concession stand, Parker bought 3 hot dogs and 2 sodas for $12.15. Tax is included in the price. A hot dog cost $0.80 more than a soda. What is the cost of one hot dog and one soda? A $3.90 B $4.70 C $5.50 D $7.30
Answers (2)