Question Completion Status: $450,000 none of the above QUESTION 50 Joe owns a seaplane which he uses in his business of transporting people from NYC to the Hamptons. The seaplane's adjusted basis is $250,000. It is completely destroyed by fire when its value was $350,000. Insurance pays Joe $310,000 which he uses to purchase another seaplane for use in his business 3 months after the loss for $325,000. As a result Joe has an adjusted basis in the new seaplane of: $325,000 $265.000 A gain of 5350.000 Zero QUESTION 51 if john holds stock of Acme Corporation which increases in value by $4.000 during the tax year 2020, he will have to report a 54.000 gain realized on his tax return for the year 2020 True False Click Save and Submit to save and submit. Click Save All Art to save all answers SAL Type here to search o RE M M