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Elena business storage shed is damaged by a hail storm

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January 2nd, 2018

Elena business storage shed is damaged by a hail storm. Its adjusted basis is $ 7000. Just before the accident the shed is appraised for 10000. In its damaged condition, the shed can be sold for 6000. Elena receives 2000 in insurance recovery from her insurance company. What is Elena’s loss from the storm?

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