Anthony owned a duplex he held for rental. On May 7, 2020 the duplex was condemned by
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Anthony owned a duplex he held for rental. On May 7, 2020 the duplex was condemned by the county for a new highway intersection. The details related to the property are as follows:
Land | Building | Furnishings | |
Settlement 112,500 | |||
Original basis to Anthony | 32,000 | 35,000 | 9,000 |
Depreciation allowed | 0 | 19,500 | 6,060 |
Anthony reinvested $140,000 in another rental property on July 7, 2021. How much is Anthony’s gain realized, gain recognized, and basis in the new property.
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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