Question: Exercise 7-7 (LO. 2, 6) Camilo's property, with an adjusted basis of $155,000, is condemned by the state. Camilo receives property with a fair market

Exercise 7-7 (LO. 2, 6) Camilo's property, with an adjusted basis

Exercise 7-7 (LO. 2, 6) Camilo's property, with an adjusted basis of $155,000, is condemned by the state. Camilo receives property with a fair market value of $180,000 as compensation for the property taken. If an amount is zero, enter "0". a. What is Camilo's realized and recognized gain? Camilo's realized gain is $ and his recognized gain is $ b. What is the basis of the replacement property? The basis of the replacement property is 155,000

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