Steve Colburn's portable sawmill used 100% for business, was completely destroyed by fire. fte sawmill had an adjusted basis of $35,000 and a fair market value of $50,000 before the fire. fte sawmill was uninsured. Steve's casualty loss is:
A) $34,900.
B) $50,000.
C) $49,900.
D) $35,000
Correct Answer:
Verified
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