In a Casualty or Theft, the Basis of Property Involved

question 89

True/False

In a casualty or theft, the basis of property involved is reduced by the amount of insurance proceeds received and by any resulting recognized loss.

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Definitions:

Distributive Property

A property that allows one to multiply a single term by each term within a parenthesis in a sum or difference.

Real Numbers

The set of all rational and irrational numbers, including all numbers that can be written as a decimal.

Associative Property

A mathematical principle stating that the way in which terms are grouped in an operation (addition or multiplication) does not change the result.

Addition

The mathematical operation that combines two or more quantities into a single sum.