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:

"Do Not Call" Registry

A government-managed registry that allows individuals to limit the telemarketing calls they receive.

Forever

A term indicating an indefinite, limitless period of time, often used hyperbolically.

Abusive Action

Actions that involve mistreatment or misuse, especially by someone in a position of power, which can be physical, emotional, or financial in nature.

Telemarketers

Individuals or organizations that market goods or services to potential customers over the telephone.