Question
11.Alice'spersonalresidence(adjustedbasisof$100,000)wascondemned,andshereceiveda condemnationaward of$80,000.Aliceusedthecondemnationproceedstopurchaseanew residencefor$90,000.WhatisAlice's recognizedgainorlossandherbasisinthenew residence? a.$0;$90,000. b.$0;$100,000. c.($20,000);$90,000. d.($20,000);$70,000. e. Some other answer.
11.Alice'spersonalresidence(adjustedbasisof$100,000)wascondemned,andshereceiveda
condemnationaward of$80,000.Aliceusedthecondemnationproceedstopurchaseanew
residencefor$90,000.WhatisAlice's recognizedgainorlossandherbasisinthenew residence?
a.$0;$90,000.
b.$0;$100,000.
c.($20,000);$90,000.
d.($20,000);$70,000.
e. Some other answer.
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Financial Accounting
Authors: Robert Kemp, Jeffrey Waybright
4th edition
ISBN: 978-0134125053, 9780134114781, 134125053, 134114787, 978-0134436111
