Question
Kristi had a business building destroyed in an earthquake. The old building was purchased for $251,500, and $80,300 of depreciation deductions had been taken. Her
Kristi had a business building destroyed in an earthquake. The old building was purchased for $251,500, and $80,300 of depreciation deductions had been taken. Her insurance proceeds were $550,750. Although the replacement property was much larger and nicer than her old building, Kristi's new property qualified as replacement property. She acquired the new property 13 months after the earthquake for $620,300. What is the amount of Kristi's realized gain? (Use only numbers, not dollar signs or punctuation.)
B.Same facts as above. What is the amount of Kristis recognized gain? (Use only numbers, not dollar signs or punctuation.)
C.Same facts as above. What is Kristis basis on the new property? (Use only numbers, not dollar signs or punctuation
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