Loss
Loss means:
an excess of expenses over revenue; an item is sold for less than its cost or adjusted basis. Contrast profit.
Losses may broadly be defined as the excess of expenses over revenues for a period, or the excess of the cost of assets over the proceeds when the assets are sold or otherwise disposed of, or abandoned or destroyed.
Description and Definition of Gain or Loss
The difference between your basis in an asset and the money and/or value of property you receive when you sell or otherwise dispose of the asset.
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