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What effect does a deductible casualty loss have on the adjusted basis of property?
Perpetual Existence
A characteristic of certain business entities, such as corporations, indicating they can continue indefinitely unless dissolved.
Articles of Incorporation
The legal document filed with a state government to legally establish a corporation, detailing its structure, purpose, and regulations.
Promoters
Individuals or entities involved in creating, organizing, or financing a new business venture.
Fiduciary Relationship
A legal and ethical relationship of trust where one party, the fiduciary, acts in the best interest of another, the principal or beneficiary.
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