Which of the following is not true as it relates to casualty losses? ...
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Accounting
Which of the following is not true as it relates to casualty losses?
a. The loss on completely destroyed business property is equal to its original cost
b. The loss on partially destroyed business property is equal to the change in the fair market value.
c. The loss on completely destroyed business property is equal to its adjusted basis
d. Any insurance recovery must reduce the potential amount of the loss deduction
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