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How much is Chad recognized gain

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Problem - Chad owned an office building that was destroyed in a tornado. The adjusted basis of the building at the time was $890,000. After the deductible, Chad received an insurance check for $950,000. He used $900,000 of the insurance proceeds to purchase a new building that same year. How much is Chad's recognized gain, and what is his basis in the new building?

Reference no: EM132670936

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