Question: What are the maximum postponed gain or loss and the basis for the replacement property for the following involuntary conversions? Type of Amount Adjusted Amount

What are the maximum postponed gain or loss and the basis for the replacement property for the following involuntary conversions?

Type of Amount Adjusted Amount Conversion Realized Basis $160,000 $130,000 $110,000 400,000 300,000 450,000 Reinvested a. Drugstore (business) b. Apartments (investment Condemned 100,000 125,000 175,000 c. Grocery store (business Casualty d. Residence (personal) e. Vacant lot (investment) Condemned 240,000 160,000 220,000 f. Residence (personal) g. Residence (personal) h. Apartments (investment) Condemned 50,000 100,000 200,000 Casualty Casualty 16,000 18,000 17,000 Casualty Condemned 20,000 18,000 19,000 26,000 18,000 20,000

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