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Business, 19.10.2019 05:20 idk12345677

Joyce’s office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). of the insurance proceeds of $360,000 she receives, joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit. she received only $360,000 because of a co-insurance clause in her insurance policy. what is joyce’s recognized gain or loss?
$0
$10,000 loss
$10,000 gain
$40,000 gain
none of the above

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Answers: 1

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Joyce’s office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $4...
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