If business property or property held for the production of income is destroyed, the loss is equal to the adjusted basis of the property at the time of destruction. a. True
b. False

A) true

Explanation:

Business property could be of different types such as Real property(real estate) which comprises building as well as land. As regards to business real property could be property such as warehouses, offices as well as factories which is been owned by the business. If these properties are been held for income production, the loss can be attributed to adjusted basis during the destruction of the property. It should be noted If business property or property held for the production of income is completely destroyed, the loss is equal to the adjusted basis of the property at the time of destruction.