Question
Mia owns a warehouse that has a cost basis of $114,400. The city condemns the warehouse to make room for a new fire station. It
Mia owns a warehouse that has a cost basis of $114,400. The city condemns the warehouse to make room for a new fire station. It pays Mia $572,000 for the property, its agreed-to fair market value. Shortly after the condemnation, Mia purchases another warehouse as a replacement.
If amount is zero, enter "0".
a. What is her recognized gain if the new property cost is $400,400? $fill in the blank fa3858ffd024fb0_1
b. What is her recognized gain if the new property cost is $629,200? $fill in the blank 640f1cf7207afa2_1
c. What is her recognized gain if the new property cost is $114,400?
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