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1. Morris Goodman has a personal residence with an adjusted basis of $50,000 and a fair market value of $60,000. Mr. Goodman's property was condemned

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1. Morris Goodman has a personal residence with an adjusted basis of $50,000 and a fair market value of $60,000. Mr. Goodman's property was condemned by the State of Louisiana Project Committee. Goodman received a compensation by the State of $45,000. Required: What is Goodman's deductible loss, if any? Show your computation and your rationale for your decision. (10 Points)

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