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Question - Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $358,000. He receives condemnation proceeds of $340,100 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 $374,110, what are Yancy's realized and recognized gain or loss?
c. Assume the house is rental property. Yancy's adjusted basis is $358,000 and he receives condemnation proceeds of $340,100 and invests the proceeds in stock. What are Yancy's realized and recognized gain or loss?
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