Question: e . Susan and Rick's personal residence is destroyed by a tornado. They had owned it for 1 5 months. The adjusted basis was $

e. Susan and Rick's personal residence is destroyed by a tornado. They had owned it for 15 months. The adjusted basis was $170,000. Because they would like to travel, they decide not to acquire a replacement residence. Instead, they invest all of the insurance proceeds of $200,000 in a duplex, which they rent to tenants.
Qualifies as Replacement Property
No
Recognized Gain
$
Basis
$
e . Susan and Rick's personal residence is

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