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- In 2020, a business suffered the theft of a piece of equipment. Before the theft the fair market value of the equipment was $14,000.

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- In 2020, a business suffered the theft of a piece of equipment. Before the theft the fair market value of the equipment was $14,000. The adjusted basis of the equipment is $10,000 and the insurance reimbursement is $7,000. What is the amount of the business casualty loss? $0 $14,000 $3,000 $4,000

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