Norman Nunn had purchased his residence on for 155000 and then

Norman nunn had purchased his residence on for 155000

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78.Norman Nunn had purchased his residence on January 12, 2014, for $155,000 and thensold it on April 12, 2015 for $475,000 because of illness. How much gain must Normanrecognize?a.$250,000b.$163,750c.$156,250d.$475,000e.None of the above79.If Norman in the preceding problem had instead sold the home for $300,000, how muchmust Norman recognize?80.Real property where Paul Peterson's warehouse is located is condemned by the stategovernment on November 23, 2015. Paul's adjusted basis in the warehouse is $420,000.He receives its $1 million condemnation award from the state on March 5, 2016. Whatis the latest date that Paul can purchase qualified replacement property and be able todefer the entire $580,000 realized gain from the condemnation?81.Real property where Paul Peterson's warehouse is located is condemned by the stategovernment on November 23, 2015. Paul purchased the warehouse years ago for$800,000; its adjusted basis in the warehouse is $420,000. He receives its $1 millioncondemnation award from the state on March 5, 2016. Which of the following©2015 CCH Incorporated. All Rights Reserved.Chapter 10
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24CCH Federal Taxation—Comprehensive Topicsproperties would meet the definition of "qualified replacement property" for purposes ofpostponing the entire realized gain on the involuntary conversion?82.Real property where Paul Peterson's warehouse is located is completely destroyed byfire on November 23, 2015. Paul purchased the warehouse in 2009 for $800,000; itsadjusted basis in the warehouse is $420,000. He receives $1 million from the insurancecompany on March 5, 2016. What amount must Paul reinvest in qualified replacementproperty and be able to defer the entire $580,000 realized gain from the condemnation?a.$420,000.b.$520,000.c.$800,000.d.$1,000,000.83.Susan Short's office building is destroyed in a fire. The adjusted basis in the building is$200,000 and its fair market value is $350,000. The insurance company reimbursesSusan $330,000 for its loss, and she immediately purchases a new office building for$310,000. What is Susan's recognized gain and adjusted basis in the new officebuilding?
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