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Reids personal residence is condemned on September 12, 2021, as part of a plan to add two lanes to the existing highway. His adjusted basis
Reids personal residence is condemned on September 12, 2021, as part of a plan to add two lanes to the existing highway. His adjusted basis is $360,000. He receives condemnation proceeds of $419,750 on September 30, 2021. He purchases another personal residence for $393,750 on October 15, 2021.
Required:
What are Reids realized and recognized gain or loss?
Note: If there is no gain or loss is recognized, select "No gain or loss".
Realized or Recognized gain/loss:
Realized or Recognized gain/loss:
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