Clarisse's investment property was condemned. She purchased the property for $35,000, received a net condemnation award of $50,000, and purchased replacement property for $80,000. What is the gain recognized after the replacement property is purchased?

$0

$15,000

$35,000

$50,000

How are a clergy housing allowance and the fair rental value of provided housing treated for tax purposes?

For all clergy, the amounts are excluded from gross income for both SE and income taxes.

For active clergy, the amounts are included in gross income for SE and income taxes.

For all clergy, the amounts are excluded for SE tax, but included for income tax.

For active clergy, the amounts are included in gross income for SE tax, but excluded for income tax.