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58 and 59 please 58. John Henderson's portable sawmill was completely destroyed by a fire and he carried no insurance on the property. The adjusted

58 and 59 please image text in transcribed
58. John Henderson's portable sawmill was completely destroyed by a fire and he carried no insurance on the property. The adjusted basis for depreciation of the sawmill building and equipment at the time of the fire was $65,000, and its fair market value was $50,000. The value of the equipment after the fire was only scrap value, amounting to $200. How much is Mr. Henderson's deductible casualty loss? 59. Assume that the sawmill in Problem 58 was damaged by the fire but not completely destroyed. Just before the fire the sawmill had a fair market value of $50,000 and immediately after the fire its fair market value was $3,500. a. Under these facts, John's loss is limited to how much? b. Had the fair market value of the sawmill been $80,000 just before the fire and $10,000 just afterward, how much is John's deductible casualty loss

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