Mikhail lost his hunting cabin in a flood may 15 of current tax year! His adjusted basis

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Mikhail lost his hunting cabin in a flood may 15 of current tax year! His adjusted basis in the prperty was $23000 and the fmv was$30000.

His insurance company reimbursed him $25000. On December 2 of the current year he purchased another cabin for $35000.

What is his recognized gain?

Related Book For answer-question

Precalculus

ISBN: 978-0321716835

9th edition

Authors: Michael Sullivan

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Posted Date: Jul 26, 2023 06:30 AM

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Mikhail lost his hunting cabin in a flood may 15 of current tax year! His adjusted basis

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1 Calculate the amount of the loss Loss Fair market value Adjusted basis 30000 23000 ... View the full answer

Precalculus

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