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A taxpayer, James, had a building destroyed by hurricane. His adjusted basis was 100,000. He received insurance proceeds of $150,000. He spent $145,000 of the
A taxpayer, James, had a building destroyed by hurricane. His adjusted basis was 100,000. He received insurance proceeds of $150,000. He spent $145,000 of the proceeds on a qualified replacement property. What is the amount of his recognized gain and what is his basis in the replacement property?
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James adjusted basis in the building was 100000 He received insurance proceeds of 150000 and s...
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South Western Federal Taxation Individual Income Taxes 2017
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
40th Edition
1337074748, 130587398X, 9781337074742, 978-1305873988
