Question: Beta Corp. had an involuntary conversion on December 31, 2023. It's equipment had been acquired on May 1, 2021 for $98,000 and its adjusted basis

Beta Corp. had an involuntary conversion on December 31, 2023. It's equipment had been acquired on May 1, 2021 for $98,000 and its adjusted basis was $28,400. The equipment was completely destroyed by fire and Beta received $20,000 of insurance proceeds for the machine and did not replace it. This was Beta's only casualty and theft event for the year. As a result of this event, Beta initially has

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