Please Explain

1.

Carl Cooper's factory with a basis of $580,000 and FMV of $620,000. The insurance proceeds are $620,000. He replaces the factory at a cost of $630,000. What is Carl's recognized gain or loss? What is the basis in the new factory?

Group of answer choices

$30,000 loss

$20,000 gain

$50,000 loss

$0 gain or loss

2.

Carl Cooper's factory with a basis of $580,000 and FMV of $620,000. The insurance proceeds are $620,000. He replaces the factory at a cost of $610,000. What is Carl's recognized gain or loss?

Group of answer choices

$30,000 loss

$10,000 gain

$50,000 loss

$0 gain or loss

3.

Carl Cooper's factory with a basis of $580,000 and FMV of $620,000 is destroyed by a fire. The insurance proceeds are $550,000. He replaces the factory at a cost of $600,000. What is Carl's recognized gain or loss?

Group of answer choices

$30,000 loss

$20,000 gain

$50,000 loss

$0 gain or loss

4.

Greg Grotto exchanged an eight-unit apartment building for a four-unit apartment building. His adjusted basis for the eight-unit building was $320,000 and the fair market value was $400,000. The fair market value of the four-unit building he received, which was subject to a $40,000 mortgage, was $440,000 on the date of the transaction. How much gain does Greg need to recognize?

Group of answer choices

$120,000

$80,000

$48,000

$0