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This is for 2018 tax prep for 2017 tax year 24. The office building Donna owned and used for her desk-top publishing business was destroyed
This is for 2018 tax prep for 2017 tax year
24. The office building Donna owned and used for her desk-top publishing business was destroyed by a hurricane. Although the basis of the building was $80,000, Donna carried replacement cost insurance and received $160,000 from the insurance company after it was determined that the building was a complete loss. It cost her $152,000 to rebuild the store in the current year Calculate Donna's recognized gain, if an election under the involuntary conversion provision is made. Calculate Donna's basis in the replacement buildingStep by Step Solution
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