Insurance Proceeds Received Because of the Destruction of Property Are

question 95

Multiple Choice

Insurance proceeds received because of the destruction of property are

• A)included in gross income in all cases.
• B)excluded from gross income completely.
• C)included in gross income to the extent the proceeds are less than the adjusted basis of the replacement property.
• D)included in gross income only to the extent the proceeds exceed the adjusted basis of the replacement property.

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Definitions:

Boycott

An attempt to keep people from purchasing the products of a company.