Determining recognized gain on property

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Reference no: EM13140802

Ben's property, which has an adjusted basis of $45,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain?

a-$35,000

b-$85,000

c-$0

d-$120,000

Reference no: EM13140802

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