Required:\ a. Assume RP spent

$296,000

of the proceeds to expand its inventory and the remaining

$748,000

to purchase new residential real estate. Calculate RP's gain or loss realized, gain or loss recognized, and tax basis in the inventory and new real estate.\ b. How would your answer to part (a) change if RP's basis in the condemned real estate were

$874,000

rather than

$702,000

?\ c. How would your answer to part (a) change if RP invested the entire condemnation proceeds plus an additional

$193,000

cash in new residential real estate?\ Complete this question by entering your answers in the tabs below.\ Required C\ How would your answer to part (a) change if RP invested the entire condemnation proceeds plus an additional

$193,000

cash in new residential real estate?\ \\\\table[[,],[Realized gain,Amount],[No gain or loss,],[Basis in the new real estate,]]\ Prev\ 10 of 14\ Next

Required: a. Assume RP spent $296,000 of the proceeds to expand its inventory and the remaining $748,000 to purchase new residential rea estate. Calculate RP's gain or loss realized, gain or loss recognized, and tax basis in the inventory and new real estate. b. How would your answer to part (a) change if RP's basis in the condemned real estate were $874,000 rather than $702,000 ? c. How would your answer to part (a) change if RP invested the entire condemnation proceeds plus an additional $193,000 cash in new residential real estate? Complete this question by entering your answers in the tabs below. How would your answer to part (a) change if RP invested the entire condemnation proceeds plus an additional $193,000 cash in new residential real estate