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Discuss what is anis casualty loss or gain

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A tornado damages an office building used by Amy's Nice, Inc (ANI). ANI paid $240,000 for the building, with an adjusted basis of $180,000 before the tornado. Prior to the tornado, ANI had the office building appraised at $310,000. Currently, in its tornado-ravaged state, the office building has been appraised at $120,000. ANI receives $140,000 from the insurance company. What is ANI's casualty loss or gain?

Reference no: EM131799943

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