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Determine Acme allowable loss deduction

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Reference no: EM133090010

Question - Acme Manufacturing, Inc. lost the following assets (completely destroyed) in a fire:

 

Adj. Basis

FMV

Building (fully depreciated)

$0

$150,000

Factory Equipment

45,000

20,000

Total

$45,000

$170,000

Required - Determine Acme's allowable loss deduction.

Reference no: EM133090010

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