Reid's personal residence is condemned on September 12, 2016, as part of a plan to add two

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Reid's personal residence is condemned on September 12, 2016, 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, 2016. He purchases another personal residence for $325,000 on October 15, 2016. What are Reid's realized and recognized gain or loss?
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Fundamentals Of Taxation 2017

ISBN: 9781259752735

10th Edition

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

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