If Insurance Proceeds Are Received for Property Used in a Trade

question 79

True/False

If insurance proceeds are received for property used in a trade or business, a casualty transaction can result in recognized gain but cannot result in a recognized loss.

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Definitions:

Core Characteristic

A core characteristic refers to the fundamental, distinctive feature or attribute that defines an entity, concept, or system.

Direct Information

Data or facts received straight from the source without any intermediaries or alterations.

Core Characteristics Model

A framework used to identify and describe the main attributes or features of an object or concept.

Job Enrichment

The process of making a job more rewarding and satisfying by adding more meaningful tasks and duties, which can enhance employee motivation and productivity.