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 5,2010,for which he is paid condemnation proceeds of $950,000.He first received official notification of the pending condemnation on May 2,2010.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.