LO.1, 2 Hakims rental building was not insured when it was destroyed by a hurricane. His adjusted

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LO.1, 2 Hakim’s rental building was not insured when it was destroyed by a hurricane.

His adjusted basis for the building was substantial, but was less than he had paid for the building in 2008. The building was Hakim’s only asset that was damaged by the hurricane.

How should Hakim handle this situation?

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