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Knox Operated a Business Which Was Damaged by a Hurricane

Question 1

Essay

Knox operated a business which was damaged by a hurricane in 2015. His losses were as follows: Knox operated a business which was damaged by a hurricane in 2015. His losses were as follows: a. What is Knox's net casualty loss (if any) assuming his AGI is $85,000 prior the deduction? Assume he properly replaced all assets. b. What is his basis in replacement Asset 1 purchased for $8,000 assuming Knox elected the non-recognition of gain from an involuntary conversion? a. What is Knox's net casualty loss (if any) assuming his AGI is $85,000 prior the deduction? Assume he properly replaced all assets.
b. What is his basis in replacement Asset 1 purchased for $8,000 assuming Knox elected the non-recognition of gain from an involuntary conversion?

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