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What is the amount of jamie casualty loss deduction

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In 2020, Jamie's business-use equipment was completely destroyed in a casualty. The equipment had a fair market value of $100,000 and an adjusted basis of $50,000 at the time of the casualty. Jamie's received insurance proceeds of $40,000.

Problem 1: What is the amount of Jamie's casualty loss deduction or her casualty gain in 2020?

Reference no: EM132911383

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