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.

Answer rating: 100% (QA)

Gain Realized Settlement Original Basis Gain Realized 112500 ... View the full answer