Please answer these 2 questions:

1. When a business is adequately insured and the insurance reimbursement falls short of the adjusted value of the lost property, it can declare the unrecovered amount as a regular deduction. When the reimbursement exceeds the adjusted value, the surplus is regarded as taxable income, unless a deferral option is employed. What factors should businesses keep in mind when dealing with casualty and theft losses, and how do insurance payments affect the taxation of these losses?

2. If a firm owns property that is collateral for a debt, the firm will lose the property if it fails to service the debt and the creditor forecloses. I've seen a house near my neighborhood that has gone under foreclosure, I wanted to know, What are the potential tax consequences for a homeowner who undergoes a foreclosure and has their mortgage debt forgiven by the lender?