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Edith's warehouse (adjusted basis of $450,000) is destroyed by a hurricane in October 2019. Edith, a calendar year taxpayer, receives insurance proceeds of $525,000 in January 2020.
Problem 1: Calculate Edith's realized gain or loss, recognized gain or loss, and basis for the replacement property if she:
a) Acquires a new warehouse for $550,000 in January 2020.
b) Acquires a new warehouse for $500,000 in January 2020.
c) Does not acquire replacement property.
Within a period of two years and on different dates, all three sisters die. Discuss the Federal estate tax consequences of these deaths
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Green Grass Co., a division of Lawn Supplies, Inc., Calculate the minimum transfer price that Green Grass should be required to accept.
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