During the current year, ABC Corporation, which specializes in residential construction, had the following transactions.

1. In May, a flood damages a crane and a dump truck at one of its construction sites. The crane was acquired in 2012 for $120,000 and has an adjusted basis of $39,650. The dump truck was acquired in 2011 for $70,000 and has an adjusted basis of $33,880. The insurance company reimburses ABC Corporation $35,000 for the crane and $42,000 for the dump truck. The corporation decides not to replace the dump truck and uses the insurance proceeds to purchase a new crane for $110,000.

2. The company exchanges an excavator with a fair market value of $72,000 for a bulldozer worth $60,000. ABC corporation receives $12,000 in the exchange. The excavator originally cost $90,000 and has an adjusted basis of $50,000. The bulldozer cost $85,000 with an adjusted basis of $37,000.

3. Lightning destroys the Corporations supply warehouse. The warehouse originally cost $300,000 and has an adjusted basis of $200,000. Its fair market value before the lightning strike is $250,000. The isurance company pays ABC Corporation $230,000 and uses this amount to purchase a warehouse costing $280,000.

4. The city of San Clemente condemns land that ABC Corporation acquired in 1981 for $22,000 and held as an investment. San Clemente pays ABC Corporation $195,000 which is the fair market value of the land. ABC Corporation uses the proceeds to acquire a commercial office park for $350,000.

5. ABC Corporation sells an automobile used by its district manager for business purposes for $10,000 to a local auto dealership. The automobile originally cost $32,000, and its adjusted basis is $15,000. The Corporation had an agreement to trade this automobile for a luxary SUV from another auto dealership, however the day the Corporation sells the automobile, the luxary SUV is totalled when a tree falls on the SUV during a storm. ABC Corporation cancels this contract for the luxary SUV and buys a new automobile for $55,000 from the same local auto dealership in which it sold the original automobile.

For each of the above transactions compute the realized and recognized gain or loss of ABC Corporation property transactions and the basis of any property acquired in each transaction. Include a short paragraph with each transaction explaining your tax computations.