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Lucinda, a Calendar Year Taxpayer, Owned a Rental Property with an Adjusted

Question 54

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Lucinda, a calendar year taxpayer, owned a rental property with an adjusted basis of $312,000 in a major coastal city.Her property was condemned by the city government on October 12, 2012.In order to build a convention center, Lucinda eventually received qualified replacement property from the city government on March 9, 2013.This new property has a fair market value of $410,000.
Lucinda, a calendar year taxpayer, owned a rental property with an adjusted basis of $312,000 in a major coastal city.Her property was condemned by the city government on October 12, 2012.In order to build a convention center, Lucinda eventually received qualified replacement property from the city government on March 9, 2013.This new property has a fair market value of $410,000.

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