Multiple Choice
Alex,a commercial fisherman,owns a fishing boat with a $1,600,000 basis.The boat is destroyed in a hurricane,and Alex collects $2,000,000 from the insurance company.He purchases another boat for $1,550,000.What is the amount of the gain recognized on the transaction?
A) $400,000
B) $50,000
C) $450,000
D) $0
Correct Answer:
Verified
Correct Answer:
Verified
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