I, vandals completely destroyed outdoor signage owned by Renfru Inc. Renfru's adjusted tax basis in the signage was $31,300. Renfru d a $50,000 reimbursement from its property insurance company, and on August 8, it paid $60,000 to replace the signage. Compute s recognized gain or loss on the involuntary conversion and its tax basis in the new signage. cognized gain or loss; $50,000 basis in the signage cognized gain or loss; $60,000 basis in the signage O recognized gain; $60,000 basis in the signage f the above

1, vandals completely destroyed outdoor signage owned by Renfru Inc. Renfru's adjusted tax basis in the signage was $31,300. Renfru d a $50,000 reimbursement from its property insurance company, and on August 8 , it paid $60,000 to replace the signage. Compute recognized gain or loss on the involuntary conversion and its tax basis in the new signage. cognized gain or los 5,$50,000 basis in the signage fognized gain or loss; $60,000 basis in the signage O recognized gain; $60,00p basis in the signage the above