Alyssa's personal residence (adjusted basis of $100,000) was condemned, and she received a condemnation award of $80,000. Alyssa used the condemnation proceeds to purchase a new residence for $90,000. What is Alyssa's recognized gain or loss and her basis in the new residence?
Alyssa's personal residence (adjusted basis of $100,000) was condemned, and she received a condemnation award of $80,000. Alyssa used the condemnation proceeds to purchase a new residence for $90,000. What is Alyssa's recognized gain or loss and her basis in the new residence?
Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges
Section: Chapter Questions
Problem 33CE
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT