If business casualty gains exceed business casualty losses, the excess of the gains over the losses is netted with Section 1231 gains and losses.

Name: If business casualty gains exceed business casualty losses, the excess of the gains over the losses is netted with Section 1231 gains and losses.
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Question

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A net gain on the ﬁrst netting (business casualty and theft netting) is carried over to the second netting (Section 1231 gain and loss netting).

If Business Casualty Gains Exceed Business Casualty Losses, the Excess