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Determine the treatment of a loss on rental property

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Reference no: EM132481056

Question 1: Determine the treatment of a loss on rental property under the following facts:

Basis                       $919,200

FMV before the loss   1,103,040

FMV after the loss      275,760

Point 1: The amount of the loss is $__________ and is reported as a(n) __________ ON THE TAX RETURN

Reference no: EM132481056

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