Question: Mina receives $ 8 0 , 0 0 0 in insurance proceeds when a fire destroys her business equipment. Her adjusted basis in the equipment

Mina receives $80,000 in insurance proceeds when a fire destroys her business equipment. Her adjusted basis in the equipment is $65,000. If Mina spends at least $80,000 for a replacement asset, she will not recognize any gain on the involuntary conversion.
True
False
Mina receives $ 8 0 , 0 0 0 in insurance proceeds

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