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Business, 03.12.2019 17:31 jiedwards2815

An office machine used by josie in her accounting business was completely destroyed by fire. the adjusted basis of the machine was $8,000 (original basis of $14,000 less accumulated depreciation of $6,000). 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.)

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