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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.
New Concept
An innovative or original idea not previously known or recognized.
Circumstance
A fact or condition connected with or relevant to an event or action.
Rules
Sets of explicit or understood regulations or principles governing conduct within a particular activity or sphere.
Worldview
A comprehensive perspective through which individuals perceive and interpret the world and their place in it.
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