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Algy Realty receives notice that its property has been condemned to make room for a highway. The proceeds of the award are $2,000,000 and the
Algy Realty receives notice that its property has been condemned to make room for a highway. The proceeds of the award are $2,000,000 and the adjusted basis of the property is $950,000. If Algy acquires replacement property for $2,500,000, the new basis of the replacement property is: $1,050,000 $1,450,000 $1,200,000 $1,100,000 None of the above
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