During 2013,an office desk used by Pat in his business was completely destroyed by a fire.The adjusted
basis of the desk was $900 original cost of $1,500 less accumulated depreciation of $600).Pat received
$500 from his insurance company,but he did not replace the desk.
a.What is the amount of Pat's recognized gain or loss deduction)as a result of the casualty?
b.Assuming this is Pat's only casualty gain or loss for 2013,what is the nature of the gain or loss?

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The Answer of During 2013,an office desk used by Pat in his business was completely destroyed by a fire.The adjusted
basis of the desk was $900 original cost of $1,500 less accumulated depreciation of $600).Pat received
$500 from his insurance company,but he did not replace the desk.
a.What is the amount of Pat's recognized gain or loss deduction)as a result of the casualty?
b.Assuming this is Pat's only casualty gain or loss for 2013,what is the nature of the gain or loss?

During 2013,an Office Desk Used by Pat in His Business