On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $8,100. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2019 is $54,000, calculate the amount of his theft loss deduction (after any limitations).

On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $8,100. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2019 is $54,000, calculate the amount of his theft loss deduction (after any limitations).

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 22CE

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