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Author Question: Kareem's office building is destroyed by fire on April 11, 2016. Settlement is reached with the ... (Read 88 times)

mpobi80

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on: Sep 13, 2020
Kareem's office building is destroyed by fire on April 11, 2016.  Settlement is reached with the insurance company on November 1, 2016 when he receives a check for $900,000.  The property had recently been appraised for $920,000.  Kareem's adjusted basis in the building was $800,000.  
a. What is Kareem's realized gain or loss?
b. Assume Kareem wishes to defer the maximum amount of gain.  Indicate:
 (1) the minimum amount that must be spent on a new property.
 (2) any restrictions on the new property in order for it to qualify.
 (3) the deadline for placing the new property in service.
c.  Assume that instead of a fire, the state forces Kareem to sell the property.  Indicate how your responses to part b would differ.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by mpobi80 on Sep 13, 2020

gasdhashg

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mpobi80

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

jomama

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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