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In Year 9, Joan Reed exchanged commercial real estate that she owned for other commercial real estate In Joan received cash of $50,000. The following additional information pertains to this transaction: What amount of gain should be recognized in Reed's Year 9 Income tax return? a. $200,000 b. $100,000 c. $50,000 d. $50 The building used in Manuel's business was condemned by the city of Mobile. Manuel received a condemnation award of $220,000. Manuel's adjusted basis in the property was $120,000. Manuel reinvests in similar property costing $120,000, and Manuel makes the proper election regarding the property. Manuel's basis in the new building is A) $102, 400. B) $121, 400. C) $120,000. D) $200,000. On January 2, Year X1, Bates Corp. purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31.Year X3, Bates sold the property for $82,000, after having $46, 525 in MACRS depreciation deductions. What amount of the gain should Bates recapture as ordinary income? a. $0 b. $28, 525 c. $46, 525 d. $60, 525 An individual had AGI of $100,000 for the current year, before considering the following: What is her adjusted gross income for the current year? a. $95,000 b. $96,000 c. $97,000 d. $93,000 e. $94,000 Barbara had these net Section 123 gains and losses: How will Barbara treat the $15,000 gain year 4? Which statement is correct? Tax credits reduce tax liability on a dollar-for-dollar basis. Tax deductions reduce tax liability on a dollar-for-dollar basis. The benefit of a tax credit depends on the taxpayer's marginal tax rate