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Patti's garage (used to store business property) is destroyed by a fire. She decides not to replace it and uses the insurance proceeds to invest in her business. The garage had an adjusted basis of $ 50,000.

a. If the insurance proceeds total $ 20,000, what is Patti's recognized gain or loss?

b. If the insurance proceeds total $ 60,000, what is Patti's recognized gain or loss?

Accounting Basics, Accounting

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