What was your taxable gain

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Reference no: EM131713598

You had got a fire in your timberland. The before-fire and after-fire fair market values for your property were $9,000 and $4,000 respectively. Your basis in the affected block was $2,500. What was your loss deduction? If you sold the damaged timber for a salvage value of $2,000, what was your taxable gain? Rather than paying tax on the salvage sale in that year, what other options do you have?

Reference no: EM131713598

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