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Virginia has business property with a basis of $9,000 that is stolen and partially destroyed by the time it is recovered. She receives an insurance
Virginia has business property with a basis of $9,000 that is stolen and partially destroyed by the time it is recovered. She receives an insurance reimbursement of $8,000.. Also, the property had a decrease in fair market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss?
1,000 $9,000 $10,000 $2,000 None of the above
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