14

$450,000 in the newly acquired like-kina property. Question 14 (1 point) Lori Jackson was the proprietor of a small short-order food establishment that was destroyed by a hurricane. Her basis in the property was $250,000 and she received a check for $400,000 from her insurance company. Six months after receiving the check, she found a suitable replacement property for $370,000. Which of the following statements is true? Lori has a realized gain of $150,000, no recognized gain, and a $250,000 basis in her replacement property. Lori has a realized gain of $150,000, a recognized gain of $30,000, and a $280,000 basis in her replacement property. Lori has a realized gain of $150,000, a recognized gain of $30,000, and a $250,000 basis in her replacement property. Lori has a realized gain of $150,000, a recognized gain of $150,000, and a $370,000 basis in her replacement property. Question 15 /1 noint)