Complete the following statements regarding the amount of a casualty loss. If business property or property held for the production of income is completelypartially destroyed, the loss is equal to the adjusted basis of the property at the time of destruction. The completepartial destruction of business property and income-producing property and for only completeonly partialcomplete or partial destruction of personal use property, the loss is the greaterlesser of the fair market valueadjusted basis of the property or the difference between the fair market valueadjusted basis of the property before the event and the fair market valueadjusted basis immediately after the event.
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