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Involuntary Conversions (LO. 7) Mackenzie owns a boat rental business. During the current year, a tidal wave sweeps through the harbor where she keeps her boats anchored. Four boats are totally destroyed, but the rest of the rental fleet escapes serious damage. Mackenzie replaces the 4 boats within 6 months of the tidal wave. The details on each boat destroyed and the cost of its replacement are as follows: Boat Insurance Proceeds Adjusted Basis Replacement Cost Sailboat $46,900 $18,900 $44,700 Yacht $133,800 $72,900 $147,100 Speedboat $79,500 $101, 100 $90,000 Fishing Boat $138, 100 $109,300 $75,700 Determine the following. If an amount is zero, enter "o". Sailboat Yacht Speedboat Fishing Boat a. Gain or loss Gain V Gain V LOSS V Gain V 4 Realized gain or loss on each of the boats. 0 X O X O X O Minimum amount of gain or loss that must be recognized on C each of the boats. Assuming that Mackenzie elects to recognize the minimum X O X X G amount of gain or loss on each boat, the basis of each replacement boat. Feedback Check My Work