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How much is the deductible loss

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A taxpayer has a business property having an adjusted basis of P 100,000. It was completely destroyed by fire in 2020. His only claim for reimbursement was an insurance claim of P 80,000. It was settled in 2021.

Problem 1: How much is the deductible loss in 2021? Kindly answer with computations.

Reference no: EM132905645

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