Abel's car was 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 (beforedeductionlimitations)?
A) $0
B) $2,000
C) $6,500
D)$8,500

Question

Quizplus · Accepted Answer

Abel can claim the difference between his loss and the amount reimbursed by his insurance company, which is $8,500 - $6,500 = $2,000. This is subject to deduction limitations, but based on the information provided, the answer would be $2,000. Therefore, option B is the correct answer.

Abel's Car Was Completely Destroyed in an Accident That Was