Multiple Choice
A barn with an adjusted basis of $125,000 was destroyed by a tornado on March 5,2016.On May 15,2016,the insurance company paid the owner $150,000.The owner reinvested $170,000 in another barn.What is the basis of the new barn if non-recognition of gain from an involuntary conversion is elected?
A) $120,000.
B) $145,000.
C) $0.
D) $170,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q11: Depreciation recapture on an asset sold using
Q27: Related parties include the taxpayer's spouse,ancestors,lineal descendants,but
Q30: With an involuntary conversion,what is the time
Q33: Jane and Jason married taxpayers)sell their personal
Q37: On an involuntary conversion in which the
Q40: The exclusion of gain on the sale
Q45: To postpone any gain on an involuntary
Q51: To qualify for the IRC Section 121
Q53: If married taxpayers live in their personal
Q66: The like-kind exchange provisions are elective provisions.