Having business property destroyed in a natural disaster (e.g., flood or earthquake)would normally have very adverse tax consequences. Briefly describe the tax consequences of receiving insurance payments in this situation in the absence of special rules.

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The Answer of Having business property destroyed in a natural disaster (e.g., flood or earthquake)would normally have very adverse tax consequences. Briefly describe the tax consequences of receiving insurance payments in this situation in the absence of special rules.

Having Business Property Destroyed in a Natural Disaster (E