What was franks taxable gain assuming sec was elected

Reference no: EM131983357

Problem

The state condemned one of Frank's rental buildings. It had a tax basis of 200,000 but was worth 250,000. The state paid him 260,000 and he bought similar replacement property for 220,000. What was Frank's taxable gain assuming Sec 1033 was elected?

Reference no: EM131983357

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