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What is her recognized gain

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Reference no: EM132628449

Problem - Mia owns a warehouse that has a cost basis to her of $80,000. The city condemns the warehouse to make room for a new fire station. It pays Mia $400,000 for the property, its agreed-to fair market value. Shortly after the condemnation, Mia purchases another warehouse as a replacement. What is her recognized gain if the new property cost:

a. $280,000?

b. $444,000?

c. $80,000?

d. What, if any, is the justification for deferring the recognition of gain on the involuntary conversion?

Reference no: EM132628449

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