Multiple Choice
A barn, destroyed by fire, had a basis of $40,000. fte owner received $50,000 in insurance proceeds. fte barn was replaced by another barn costing $45,000. fte basis of the new barn is:
A) $40,000
B) $45,000
C) $50,000
D) $55,000
E) $60,000
Correct Answer:
Verified
Correct Answer:
Verified
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