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Homework answers / question archive / 1) In 2019, JenCorp’s (a C Corporation) 100% business auto ($30,000 basis and FMV) was stolen and never recovered

1) In 2019, JenCorp’s (a C Corporation) 100% business auto ($30,000 basis and FMV) was stolen and never recovered

Accounting

1) In 2019, JenCorp’s (a C Corporation) 100% business auto ($30,000 basis and FMV) was stolen and never recovered. The corporation received only $24,000 from the insurance company. What is the allowable casualty loss deduction for 2019?

Group of answer choices

5,900

1,900

6,000

26,000

2) In 2019, JenCorp’s (a C Corporation) 100% business auto ($30,000 basis and FMV) was stolen and never recovered. The corporation received only $24,000 from the insurance company. What is the allowable casualty loss deduction for 2019?

Group of answer choices

5,900

1,900

6,000

26,000

Option 1

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