Question: 4. Explain when a basis adjustment for loss property is taken. Include in your answer the default application and election available to Corporation/Shareholder. Discuss when

4. Explain when a basis adjustment for loss property is taken. Include in your answer the default application and election available to Corporation/Shareholder. Discuss when it would make sense to use the election. Include in your answer an example to illustrate your analysis. (4 points) 4. Explain when a basis adjustment for loss property is taken. Include in your answer the default application and election available to Corporation/Shareholder. Discuss when it would make sense to use the election. Include in your answer an example to illustrate your analysis. (4 points)

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