Multiple Choice
Sid's home was destroyed by fire.He had purchased the home 18 months ago for $950,000.He received $1,300,000 from his insurance company to replace the home.If he fails to rebuild the home or acquire a replacement home in the required time, how much gain must he recognize on this conversion?
A) $350,000
B) $162,500
C) $100,000
D) $0
Correct Answer:
Verified
Correct Answer:
Verified
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