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Logan Wharton sold his warehouse to public utility for $24,000 under threat of condemnation. He paid $25,000 for the property and spent additional $1000 on
Logan Wharton sold his warehouse to public utility for $24,000 under threat of condemnation. He paid $25,000 for the property and spent additional $1000 on roof. He had claimed $3600 depreciation. He had $200 in legal fees. Logan made a timely purchase of a replacement warehouse for $20000. Logan recognizes. A. no gain until he sells the replacement property B. $1400 gain C. $4000 gain D. A loss on the condemnation
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