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What are reid realized and recognized gain or loss

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Reference no: EM133152912

Question - Reid's personal residence is condemned on September 12, 2020, as part of a plan to add two lanes to the existing highway. His adjusted basis is $210,000. He receives condemnation proceeds of $237,250 on September 30, 2020. He purchases another personal residence for $226,250 on October 15, 2020. What are Reid's realized and recognized gain or loss?

Reference no: EM133152912

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