Homework Answers
Decrease in fair market value due to fire accident is $ 300,
But the part cover under an insurance reimbursement is $100
Loss = Decrease In Fair Value - Covered Under Insurance
Loss = $300 - $100
Loss = $200
Therefore The Loss Due To this casualty is $ 200
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Heather owns a two-story building. The building is used 40% for
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the business portion. At the time of the fire, the building had a
fair market value of $900,000. Immediately after the fire, the fair
market value was $200,000. The insurance recovery...
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