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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?
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)?
b. $100,000
c. $200,000
d. $300,000
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