10. Susie purchased her primary residence on March 15, year 4, for $550,000. She sold i on October 15, year 7, for $240,000. What amount of loss from the sale is recognized on her year 7 income tax return? a. $0 b. $60,000 C. $250,000 d. $310,000 11. Chad owned an office building that was destroyed in a tornado. The area was declared a Federal disaster area. The adjusted basis of the building at the time was $890,000. After the deductible, Chad received an insurance check for $850,000. He used the $850,000 to purchase a new building that same year, How much is Chad's recognized loss, and what is his basis in the new building? $850,000 $890,000 $850,000 $890,000 $0 $0 b. C. $40,000 d. $40,000 12. Chad owned an office building that was destroyed in a tornado. The adjusted basis of the building at the time was $890,000. After the deductible, Chad received an insurance check for $950,000. He used $900,000 of the insurance proceeds to purchase a new building that same year. How much is Chad's recognized gain, and what is his basis in the new building? Recognized Gain New Basis b. c $50,000 $890,000 $900,000 $890,000 $900,000 50 $0 d. $60,000 13. Which, if any, of the following exchanges qualifies for non-recognition treatment as a $ 1031 like-kind exchange? a. Partnership interest for a partnership interest. b. Inventory for inventory c. Securities for personalty d. Business realty for investment realty. e. None of the above. 14. In order to qualify for like-kind exchange treatment under $ 1031, which of the following requirements must be satisfied? a. The form of the transaction is a sale or exchange. b. Both the property transferred and the property received are held either for productive use in a trade or business or for investment