Need typed answer only.Please give answer within 45 minutes Sam's stereo was destroyed by a fire. The stereo cost $1,200 when it was purchased, but a similar new stereo now costs $1,000.Assuming the stereo was 40 percent depreciated, what is the actual cash value of Sam's loss? Insurers operating in the State of California are subject to?O file-and-use lawOflex-rating lawO prior-approval lawO use-and-file law

Sam's stereo was destroyed by a fire. The stereo cost $1,200 when it was purchased, but à similar new steres Assuming the stereo was 40 percent depreciated, what is the actual cash value of Sam's loss?

Sam's stereo was destroyed by a fire. The stereo cost $1,200 when it was purchased, but à similar new steres Assuming the stereo was 40 percent depreciated, what is the actual cash value of Sam's loss?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions

Section: Chapter Questions

Problem 41P

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Concept explainers

Motor Vehicle Insurance

Motor vehicle insurance is a contract between the insurance company that provides insurance cover and the person who owns the vehicle. According to the terms and conditions of the insurance contract, the insurance company reimburses the policyholder for losses and damages. This insurance policy covers the financial risks of the motor vehicle owner. Electronic vehicles are also covered in a vehicle insurance policy, but the insurance rate is relatively higher than other motor vehicle insurance. Motor vehicle insurance is otherwise called an automotive insurance policy.

Question

Need typed answer only.Please give answer within 45 minutes

Sam's stereo was destroyed by a fire. The stereo cost $1,200 when it was purchased, but a similar new stereo now costs $1,000.
Assuming the stereo was 40 percent depreciated, what is the actual cash value of Sam's loss?

Insurers operating in the State of California are subject to?
O file-and-use law
Oflex-rating law
O prior-approval law
O use-and-file law

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