Steve has a manufacturing business In the current year, his storage building is destroyed by fire It
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Question:
Steve has a manufacturing business In the current year, his storage building is destroyed by fire It had an adjusted basis of $75,000 He received $300,000 from the insurance company and elected to replace the building under the involuntary conversion provisions He built a new storage building for $350,000 What is the basis of the new storage building
a. $150,000
b. $125,000
c. $100,000
d. $75,000
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: