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A factory building owned by Mathew Inc. is destroyed by a hurricane. The adjusted basis of the building was $400,000 and the appraised value was
- A factory building owned by Mathew Inc. is destroyed by a hurricane. The adjusted basis of the building was $400,000 and the appraised value was $425,000. Mathew receives insurance proceeds of $390,000. A factory building is constructed during the nine-month period after the hurricane at a cost of $450,000. What is the recognized gain or loss and what is the basis of the new factory building?
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Unclaimed Property A Reporting Process And Audit Survival Guide
Authors: Tracey L. Reid
1st Edition
0470278242, 978-0470278246
