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Question 10 Algy Realty receives notice that its property is condemned to make room for a highway. The proceeds of the award are $2,200,000 and

Question 10

  1. Algy Realty receives notice that its property is condemned to make room for a highway. The proceeds of the award are $2,200,000 and the adjusted basis of the property is $950,000. The realized gain is:
    A.
    $450,000.
    B.
    $1,250,000
    C.
    $2,000,000
    D.
    $1,200,000

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