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

Essay

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.