Question: Rod had the following business casualty in 2020: Decrease in fair market value due to casualty Adjusted basis Insurance reimbursement Holding period Business furniture vandalized.

Rod had the following business casualty in 2020:

Decrease in fair market value due to casualty

Adjusted

basis

Insurance

reimbursement

 Holding period
Business furniture vandalized. $2,500 $500 $1,700 20 years

Calculate the amount and nature of Rod's gain or loss as a result of this casualty.

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