Reids personal residence is condemned on September 12, 2019, as part of a plan to add two

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Reid’s personal residence is condemned on September 12, 2019, 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, 2019. He purchases another personal residence for $325,000 on October 15, 2019. What are Reid’s realized and recognized gain or loss?

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Fundamentals Of Taxation 2020 Edition

ISBN: 9781260483147

13th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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