Samuel's Hotel Is Condemned by the City Housing Authority on July

Essay

Samuel's hotel is condemned by the City Housing Authority on July 5, 2012, for which he is paid condemnation proceeds of $950,000.He first received official notification of the pending condemnation on May 2, 2012.Samuel's adjusted basis for the hotel is $600,000 and he uses a fiscal year for tax purposes with a September 30 tax year-end.