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Patti's garage (used to store business property) is destroyed by a fire. She decides not to replace it and uses the insurance proceeds to invest

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Patti's garage (used to store business property) is destroyed by a fire. She decides not to replace it and uses the insurance proceeds to invest in her business. The garage had an adjusted basis of $54,500 Required: a. If the insurance proceeds total $33,500, what is Patti's recognized gain or loss? b. If the insurance proceeds total $69,000, what is Patti's recognized gain or loss? Amount a b

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