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Mark for follow up Question 4 of 75. Tina had a basis in her rental home of $52,300. Immediately before a wildfire completely destroyed the
Mark for follow up Question 4 of 75. Tina had a basis in her rental home of $52,300. Immediately before a wildfire completely destroyed the property, it was valued at $80,000. The value immediately after was $0. Tina received $40,000 of insurance reimbursements for the loss sustained in a federally declared disaster area. What is Tina's allowable casualty loss or gain? $12,300 casualty loss $52,300 casualty loss $40,000 casualty loss $80,000 casualty loss MIJ WILHI Significant participation Mark for follow up Question 8 of 75. Which of the following is NOT considered a casualty event, regardless of whether a casualty loss or gain will be allowed? A rental home decreasing in value due to an increase in neighborhood crime. A business-use property being destroyed by a hurricane. A pipe bursting in a factory due to a sudden, unexpected equipment malfunction. A business delivery vehicle in an automotive accident. Mark for follow up Save / Return Later Summary Next >>
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