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    gain or loss

    Office equipment destroyed by water damage. Equipment was section 179 and thus had a 0 basis. How would insurnace funds be reproted. All gain? What if new equipment purchased for replacement? All business assets.

    #2
    All gain.

    Section 1033 exchange should be possible.
    Evan Appelman, EA

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      #3
      1245

      If a new piece of similar equipment is not bought (like kind exchange) you have 1245 gain on Form 4797.

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