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Compute the taxpayer basis in the new office building

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Reference no: EM133148071

Question - Lava Corporation's warehouse is completely destroyed by a tornado in May 2020, when its basis is $100,000, and its FMV is $150,000. The insurance company reimburses Lava Corp $150,000. In November 2020, Lava Corporation purchases a new warehouse for $135,000. Assume all properties, other than boot, are qualifying business assets held more than one year.

Compute the taxpayer's recognized gain?

Compute the taxpayer's basis in the new office building?

Reference no: EM133148071

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