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PROBLEM 4 _ Ernie has a fire in his apartment that destroys a valuable statue that he owned. He had bought
the statue for $4,000 many years ago, but it had been appraised for $10,000 shortly before the fire. A month
later Ernie finds a similar statue that he buys for $10,000. What are the tax consequences (any … Show more
Please answer both a and b with an explanation
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