John’s car was completely destroyed by a fire in 2010. Its cost and fair market value were $8,000. …
John’s car was completely destroyed by a fire in 2010. Its cost and fair market value were $8,000. …
John’s car was completely destroyed by a fire in 2010. Its cost and fair market value were $8,000. John’s claim against insurance was $3,000 and was not made until 2011. The following year, 2011.