During the current year, Dave's office building is destroyed by fire. After collecting the insurance proceeds, Dave has a $42,000 recognized gain. The building was acquired in 1998, and the straight-line method of depreciation has been used. He does not plan to acquire a replacement building. Read the requirements. Requirement a. Land used in his trade or business and held more than a year is condemned by the state. The recognized gain is $68,000. (If there is not a net capital gain, enter a "0".) Dave's net capital gain is 110000 Requirement b. Assume the same facts as in Part a, except the condemnation results in a $68,000 loss. (If there is not a net capital gain, enter a "0".) Dave's net capital gain is Requirement c. An apartment building used as residential rental property and held more than one year is destroyed by a sudden, unexpected mudslide. The building is not insured, and the loss amounts to $175,000. (If there is not a net capital gain, enter a "0".) Dave's net capital gain is Requirements In addition to the gain on the building, consider the following independent cases and determine his total net capital gain. For each case, include the $42,000 casualty gain described above. a. Land used in his trade or business and held more than a year is condemned by the state. The recognized gain is $68,000. b. Assume the same facts as in Part a, except the condemnation results in a $68,000 loss. C. An apartment building used as residential rental property and held more than one year is destroyed by a sudden, unexpected mudslide. The building is not insured, and the loss amounts to $175,000. Print Done