A thief broke into Kate's condominium and stole her laptop computer.Kate purchased the computer for $1,400,but its current value is only $300.Kate's casualty loss is $1,400.

Name: A thief broke into Kate's condominium and stole her laptop computer.Kate purchased the computer for $1,400,but its current value is only $300.Kate's casualty loss is $1,400.
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Question

Quizplus · Accepted Answer

Kate's casualty loss is limited to the current value of the stolen item, which is $300, not the original purchase price.

A Thief Broke into Kate's Condominium and Stole Her Laptop