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34 Question 34 (1 point) Allison, a landlord, has her apartment building condemned by the state for purposes of building a road through the location
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Question 34 (1 point) Allison, a landlord, has her apartment building condemned by the state for purposes of building a road through the location of the building. Allison purchased the property five years ago for $500,000 and depreciated $50,000 of its cost. Because the property in the area had declined in value over that time period, that state gave Allison condemnation proceeds of only $425,000 on 12/10/19. On 12/15/20, she bought a replacement apartment building for $475,000. Which of the following statements is FALSE? Allison's basis in the replacement apartment building is $475,000 Allison has a realized loss of $25,000 but the loss is deferred and not recognized. She has a $500,000 basis in the replacement apartment building Allison has a realized and recognized loss of $25,000 Allison replaced the property within the allowable time for involuntary conversions Ouestion 25/1 nint) Step by Step Solution
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