Gerald Golds property is condemned by the local authorities. The property has an adjusted basis of $135,000
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Gerald Gold’s property is condemned by the local authorities. The property has an adjusted basis of $135,000 and a fair market value of $225,000. The local authorities replace Gerald’s property with other property with a fair market value of $160,000. What is Gerald’s realized gain, recognized gain, and the basis in the new property?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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