Question: In 2 0 2 4 , Kelsey sustained a loss on the theft of a painting. She had paid $ 2 0 , 0 0

In 2024, Kelsey sustained a loss on the theft of a painting. She had paid $20,000 for the painting, but it was worth $40,000 at the time of the theft. Evaluate the tax consequences of treating the painting as investment property or as personal use property.

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