Question Completion Status: Sam's commercial fishing boat is completely destroyed by fire. Its FMV before the fire was $450,000 and Sam's adjusted basis in the boat was $250,000. Hit receives insurance proceeds of $415.000 and purchases a replacement boat for similar use one year later for $360,000. Howard's Gain Recognized on this transaction is: $165.000 $35.000 $55.000 None of the Above QUESTION 43 domowns 100 shares of General Electric stock with an adjusted basis of 59.000. He sells the shares to his son John for their fair market value of $8000. es a result Adam will report analowable loss of $1000, 0 True QUESTION 44 Sendo un buit Chick See All Answers to save all answers pe here to search O M Save Answers