FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Franks investment property was condemned his adjusted basis In the property was $145000. He received a net condemnation award of $190000 and purchased replacement property

Franks investment property was condemned his adjusted basis In the property was $145000. He received a net condemnation award of $190000 and purchased replacement property for $275000. What is the amount of gain realized on the condemnation?

1- $0

2- $45000

3- 85000

4- $130000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Texts and Cases

Accounting Texts and Cases

Authors: Robert Anthony, David Hawkins, Kenneth Merchant

13th edition

978-1259097126

Students also viewed these Accounting questions

Question

2. Using the consultant finder on the AASP web site (http://www.appliedsportpsych. org/certifiedconsultants/findaconsultant), find a certified consultant in your general geographic area. Answer the...

Answered: 1 week ago

Question

★★★★★
Gold nanoparticles (Figure 16-29) can be titrated with the oxidizing agent TCNQ in the presence of excess of Br to oxidize Au(0) to AuBr in deaerated toluene. Gold atoms in the interior of the...

Answered: 1 week ago

Question

★★★★★
Case 13-32 Net Present Value Analysis of a New Product [LO13-2] Matheson Electronics has just developed a new electronic device that it believes will have broad market appeal. The company has...

Answered: 1 week ago

Question

★★★★★
1. An economy produces only three products: A, B and C. They are all final goods. The prices and quantities for the years 2018, 2019 and 2020 are given below. Prices 2018 2019 Quantities 2019 2020...

Answered: 1 week ago

Question

★★★★★
Let A={-5,-4,-3, -2, -1, 0, 1, 2, 3, 4, 54. For each of the following relations on A, determine if it is partial order or an equivalence relation (justify your answers). If the relation is partial...

Answered: 1 week ago

Question

★★★★★
1) Let us consider the following value of parameters to simulate the quadcopter motion in MATLAB while using the in-built command "ODE45" to solve the quadcopter equations of motion: g= 9.81m/s, m =...

Answered: 1 week ago

Question

★★★★★
Soraya is a software developer whose male co-workers frequently exclude her from meetings and withhold information she needs to do her job. They tell her she should "quit trying to be one of the...

Answered: 1 week ago

Question

★★★★★
Ted Crilly, the controller for Craggy Manufacturing Co, is in the process of analysing the overhead costs for the month of October. He has gathered the following data for the month. Labor Direct...

Answered: 1 week ago

Question

★★★★★
Linear Functions Fit to Data MC The table compares the average daily temperature and ice cream sales each day Temperature F Ice Cream Sales 112 58 2 64 2 64 3 66 8 68 4 71 6 72 7 76 2 77 8 82 8 135...

Answered: 1 week ago

Previous Question Next Question