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What Is the Amount of the Casualty Loss on a Business

Question 1

Multiple Choice

What is the amount of the casualty loss on a business truck that had a fair market value of $14,000 before an accident and $4,000 after an accident,if its adjusted basis is zero?


A) $14,000
B) $10,000
C) $4,000
D) 0
E) None of the above

Correct Answer:

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