The Joneses home that they had owned and lived in for 12 years was destroyed in a
Question:
The Joneses’ home that they had owned and lived in for 12 years was destroyed in a flood. Fortunately, they had flood insurance that paid replacement value of $280,000 for their loss. The home had a basis of $223,000. How much gain must they recognize if they purchase a new home for only $268,000?
a. 0
b. $12,000
c. $45,000
d. $57,000
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Related Book For 
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
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