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Several Years Ago, Lucas Purchased Extra Grazing Land for His

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Several years ago, Lucas purchased extra grazing land for his ranch at a cost of $120,000.In 2012, the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award, Lucas receives $300,000 for the land.Within the same year, he replaces the property with other grazing land.What is Lucas's tax situation if the replacement land cost:
Several years ago, Lucas purchased extra grazing land for his ranch at a cost of $120,000.In 2012, the land is condemned by the state for development as a highway maintenance depot.Under the condemnation award, Lucas receives $300,000 for the land.Within the same year, he replaces the property with other grazing land.What is Lucas's tax situation if the replacement land cost:

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