15

Question 15 (1 point) Ted Williams was the proprietor of a seaside tavern that was destroyed by a hurricane. His basis in the property was $850,000 and he received a check for $800,000 from his insurance company. Six months after receiving the check, he found a suitable replacement property for $775,000. Which of the following statements is true? Ted has a realized loss of $50,000, no recognized loss, and a $850,000 basis in his replacement property. Ted has a realized loss of $50,000, no recognized loss, and a $825.000 basis in his replacement property. Ted has a realized loss of $50,000, a recognized loss of $50,000, and a $775,000 basis in his replacement property. Ted has a realized loss of $50,000, a recognized loss of $50,000, and a $800,000 basis in his replacement property