An office machine used by Josie in her accounting business was completely destroyed by fire. The...

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An office machine used by Josie in her accounting business was completely destroyed by fire. The adjusted basis of the machine was $32,250 (original basis of $48,375 less accumulated depreciation of $16,125). The machine was not insured. Calculate the amount and nature of Josie's gain or loss as a result of this casualty. (Assume this is the taxpayer's only casualty gain or loss.) Amount of gain or loss: $ 9,000 Capital loss An office machine used by Josie in her accounting business was completely destroyed by fire. The adjusted basis of the machine was $32,250 (original basis of $48,375 less accumulated depreciation of $16,125). The machine was not insured. Calculate the amount and nature of Josie's gain or loss as a result of this casualty. (Assume this is the taxpayer's only casualty gain or loss.) Amount of gain or loss: $ 9,000 Capital loss