Solution-What is the amount of kristi realized gain

What is the amount of kristi realized gain

Reference no: EM131879921

Question - Kristi had a business building destroyed in an earthquake. The old building was purchased for $250,000 and $80,000 of depreciation deductions had been taken. Her insurance proceeds were $550,000. Although the replacement property was much larger and nicer than her old building, Kristi's new property qualified as replacement property. She acquired the new property 13 months after the earthquake for $620,000. What is the amount of Kristi's realized gain and recognized gain and the basis in her new property?

Reference no: EM131879921

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What is the amount of kristi realized gain

Reference no: EM131879921

Reference no: EM131879921

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