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What is alices recognized gain or loss

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Question - Alice's personal residence (adjusted basis of $100,000) was condemned, and she received a condemnation award of $80,000. Alice used the condemnation proceeds to purchase a new residence for $90,000. What is Alice's recognized gain or loss and her basis in the new residence?

a. $0; $90,000.

b. $0; $100,000.

c. ($20,000); $90,000.

d. ($20,000); $70,000.

e. Some other answer.

Reference no: EM132536401

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