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Alyssas personal residence (adjusted basis of $100,000) was condemned, and she received a condemnation award of $80,000. Alyssa used the condemnation proceeds to purchase a
Alyssas personal residence (adjusted basis of $100,000) was condemned, and she received a condemnation award of $80,000. Alyssa used the condemnation proceeds to purchase a new residence for $90,000. What is Alyssa's recognized gain or loss and her basis in the new residence?
| a. | $0; $70,000. |
| b. | $0; $90,000. |
| c. | ($20,000); $90,000. |
| d. | ($20,000); $70,000. |
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