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What is abigail recognized gain or loss

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Question -

Abigail's business property (located in Gaston County USA) was condemned by the proper local authorities. Immediately before the condemnation, the property had a fair market value of $400,000 and Abigail's adjusted basis in the property was $200,000. The local authorities replaced Abigail's condemned property with similar Gaston County property having a fair market value of $300,000. What is Abigail's realized gain or loss relating to these matters?

a. $0

b. Loss of $100,000

c. Gain of $100,000

d. Gain of $300,000

Assume the facts stated in the prior question. What is Abigail's recognized gain or loss relating to such matters?

a. $0

b. Loss of $100,000

c. Gain of $100,000

d. Gain of $300,000

Assume the facts stated in the prior two questions. What is Abigail's basis in the Gaston County property she received as a result of the condemnation (i.e., what is Abigail's basis in the new property)?

a. $0

b. $100,000

c. $200,000

d. $300,000

Reference no: EM131790773

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