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Teresa's manufacturing plant is destroyed by fire. The plant has an adjusted basis of $295,800, and Teresa receives insurance proceeds of $443,700 for the loss.
Teresa's manufacturing plant is destroyed by fire. The plant has an adjusted basis of $295,800, and Teresa receives insurance proceeds of $443,700 for the loss. Teresa reinvests $465,885 in a replacement plant. If an amount is zero, enter "0". a. Calculate Teresa's recognized gain if she elects to utilize the involuntary conversion provision.
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