A deduction resulting from the partial destruction of business property is limited to the lesser of (1) the adjusted basis of the casualty property, or (2) the decline in fair market value of the casualty property.

Name: A deduction resulting from the partial destruction of business property is limited to the lesser of (1) the adjusted basis of the casualty property, or (2) the decline in fair market value of the casualty property.
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Question

Quizplus · Accepted Answer

This is true according to the IRS guidelines for casualty losses.

A Deduction Resulting from the Partial Destruction of Business Property