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a manufacturer, had an injection molding machine with an adjusted basis of $20,000 that he had used in his business until it was destroyed by
a manufacturer, had an injection molding machine with an adjusted basis of $20,000 that he had used in his business until it was destroyed by a fire. Due to the receipt of insurance proceeds, he generated an $18,000 realized gain as a result of the destruction. He does not want to incur any income tax as a result of this transaction. What advice would you give to him to achieve his goal of no owing no tax?
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