Coronado Corporation owns business realty that was destroyed by fire on March 15, year 1. Its insurance

Question:

Coronado owns business realty that was destroyed by fire on March 15, year 1. Its insurance company pays Coronado $325,000 for the property, which has an allocated basis of $275,000.
a. What is Coronado's realized and recognized gain, assuming it does not replace the property?
b. What is its recognized gain, assuming it spends $300,000 on replacement property?
c. What is its basis in the replacement property?
d. What is its recognized gain, assuming it spends $350,000 on replacement property?
e. What is its basis in the replacement property?
f. If the has an April 30 year-end, what is the last date on which it can acquire qualifying replacement property?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...