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Problem - Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $480,000. He receives condemnation proceeds of $460,000 and invests the proceeds in stocks and bonds.
Required -
a. Calculate Yancy's realized and recognized gain or loss.
b. If the condemnation proceeds are $505,000, what are Yancy's realized and recognized gain or loss?
c. What are Yancy's realized and recognized gain or loss in part (a) if the house was rental property?
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