Reids personal residence is condemned on September 12, 2021, as part of a plan to add two
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Reid’s personal residence is condemned on September 12, 2021, as part of a plan to add two lanes to the existing highway. His adjusted basis is $300,000. He receives condemnation proceeds of $340,000 on September 30, 2021. He purchases another personal residence for $325,000 on October 15, 2021. What are Reid’s realized and recognized gain or loss?
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Replacement for 325000 would normally result in a 15000 gain rec...View the full answer
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Related Book For
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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