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Calculate the amount and nature of Josie gain or loss

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Reference no: EM132703177

Problem - 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.

Reference no: EM132703177

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