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What is Heywood casualty loss from the tornado

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Question - A tornado destroyed part of the offices of Heywood Corporation. The building had a fair market value of $500,000 before and $200,000 after the tornado. The basis of the building is $320,000.

What is Heywood's casualty loss from the tornado?

What is its remaining basis in the property, assuming it deducts its loss?

What is Heywood's gain or loss if it receives $250,000 from its insurance company as compensation for its loss?

What is its basis in the property if it spends $150,000 to repair the property?

Reference no: EM132437260

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